10 African countries benefiting most from diaspora remittances

Remittances from Africans abroad continue to play a pivotal role in supporting national economies and households across the continent. These funds, sent to families and communities, are crucial for financing education, healthcare, and small businesses.

In 2024, ten African countries recorded the highest remittance inflows, highlighting the contributions of their diaspora populations. According to the World Bank, Africa received $100 billion in remittances in 2023, equivalent to 6% of the continent’s GDP. This figure surpassed official development assistance ($42 billion) and foreign direct investment ($48 billion).

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The gap between remittances and FDI is projected to widen, with remittance inflows rising steadily. Over the past decade, remittances have increased by 57%, while FDI has declined by 41%. Key drivers include income disparities, political instability, and climate-related migration pressures.

Nigeria remains the largest recipient of remittances in the region, accounting for 38% of total flows in 2023 and registering a 2% growth. Ghana and Kenya, the second and third largest recipients, saw increases of 5.6% and 3.8%, respectively.

Remittances continue to surpass other external funding sources, showing their importance to economic stability and development across African nations.

According to the World Bank blog, here are the top 10 African countries benefiting most from diaspora remittances in 2024

1. Egypt: $22.7 Billion

Egypt topped the list with $22.7 billion in remittances, highlighting the strong connection between its diaspora and their families back home. The funds are vital in supporting everyday expenses and larger community initiatives, contributing significantly to the nation’s economy.

2. Nigeria: $19.8 Billion

Nigeria followed closely with $19.8 billion. With a large diaspora population spread across the globe, remittances remain an important source of income for families and a steady inflow into the economy.

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3. Morocco: $12.0 Billion

Remittances to Morocco totalled $12.0 billion in 2024. These funds are a lifeline for many households, helping to meet essential needs and drive local economic activities.

4. Kenya: $4.8 Billion

Kenya received $4.8 billion, reflecting the strong ties between its diaspora and those back home. The funds are often used for educational purposes, healthcare, and small business investments.

5. Ghana: $4.6 Billion

Ghana recorded $4.6 billion in remittances. These inflows contribute to the livelihoods of families and bolster economic activities in various sectors.

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6. Senegal: $3.0 Billion

Senegal’s diaspora sent back $3.0 billion. These funds are crucial for family sustenance and play a role in community development projects.

7. Zimbabwe: $3.0 Billion

Zimbabwe matched Senegal with $3.0 billion in remittances. The funds provide support for many families and have become an important source of income for local businesses.

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8. Zambia: $2.8 Billion

Zambia’s diaspora contributed $2.8 billion in 2024. These funds are used primarily for household support and community-level initiatives.

9. Uganda: $1.49 Billion

Uganda received $1.49 billion in remittances, which is essential for household incomes and small-scale business growth.

10. DR Congo: $1.3 Billion

The Democratic Republic of Congo completed the list with $1.3 billion. These funds assist families with basic needs and support local economic activities.