Chairman and Chief Executive Officer of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, has credited the recent rise in diaspora remittances to the Central Bank of Nigeria’s (CBN) economic reforms and the trust Nigerians abroad place in the system.
In a statement issued on Monday in Abuja by the Commission’s spokesperson, Abdur-Rahman Balogun, she described the recent contribution of the diaspora community to Nigeria’s economy as “humongous.”
According to CBN statistics, diaspora remittance inflows have tripled to $600 million per month in the past two months. Dabiri-Erewa praised CBN Governor Olayemi Cardoso, whose policies—such as the Non-Resident BVN and a more competitive exchange rate—have encouraged the use of formal remittance channels.
Sharing the CBN governor’s optimism that inflows could reach $1 billion per month by 2026, she pledged that NIDCOM would continue promoting initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, Diaspora Youth Summit and regular engagement with Nigerians abroad.
She also commended the trust and patriotism of Nigerians in the diaspora, stressing that President Bola Tinubu’s administration remains committed to improving the welfare of citizens at home and overseas.
Meanwhile, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, Cardoso attributed the surge to a more competitive exchange rate and improved remittance channels, which have made it easier and more attractive for Nigerians abroad to use official platforms.
“Our exchange rate is becoming far more competitive. Those who previously used other channels no longer need to do so,” he said.
Cardoso revealed that remittance inflows, which had hovered around $200 million monthly, have now risen to $600 million—a 200 per cent increase.