As the African diaspora continues to grow, especially in the wake of globalization and increased opportunities abroad, the remittances sent back to the continent have also swelled in volume.
It’s not just pocket change; it’s a game-changer for Africa’s economic stability and growth.
According to the World Bank, in the post-COVID period, remittances have become even more important as a source of external financing for countries globally. They have proved to be resilient, and in 2022, remittance flows to low- and middle-income countries increased by 8 percent, to reach $647 billion.
It’s not just pocket change; it’s a game-changer for Africa’s economic stability and growth.
According to the World Bank, in the post-COVID period, remittances have become even more important as a source of external financing for countries globally. They have proved to be resilient, and in 2022, remittance flows to low- and middle-income countries increased by 8 percent, to reach $647 billion.
Egypt is the African country with the biggest diaspora remittance inflow, totaling $28.3 billion. The Egyptian diaspora makes a substantial contribution to the Egyptian economy. The Egyptian government has established policies to encourage remittances, such as initiatives to reduce the cost of sending money home.
Nigeria, which has a large and diversified diaspora all across the world, ranks second with $20.1 billion in remittances. These remittances assist in supporting local businesses, making them a lifeline for many Nigerian families.
Other African countries (in the particular order as arranged) with high diaspora remittances are Morocco, Ghana, Kenya, Tunisia, Zimbabwe, Senegal, Algeria, and DR Congo
Credit: Business Day
Nigeria, which has a large and diversified diaspora all across the world, ranks second with $20.1 billion in remittances. These remittances assist in supporting local businesses, making them a lifeline for many Nigerian families.
Other African countries (in the particular order as arranged) with high diaspora remittances are Morocco, Ghana, Kenya, Tunisia, Zimbabwe, Senegal, Algeria, and DR Congo
Credit: Business Day