The Federal Government has expressed optimism that diaspora remittances will rise to $1 billion monthly by 2026, following a surge in inflows recorded in recent months.
Figures from the Central Bank of Nigeria (CBN) show that remittances have climbed to an average of $600 million monthly over the past two months, compared to the previous average of $200 million.
This represents a 200 percent increase, and it is attributed to ongoing policy reforms introduced by the apex bank.
The Chairman of the Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described the inflows as “humongous,” adding that they reflect renewed confidence in the Nigerian economy.
She credited reforms such as the introduction of the Non-Resident Bank Verification Number (BVN) and a more competitive exchange rate for encouraging Nigerians abroad to remit funds through official channels.
In a statement issued on Monday, Dabiri-Erewa commended CBN Governor Olayemi Cardoso for implementing reforms that have restored credibility to the foreign exchange framework.
She further noted that increased diaspora inflows would strengthen Nigeria’s external reserves, boost foreign exchange liquidity, and support economic stability.
Cardoso, speaking at the Delta State–Brazil Business and Investment Roundtable in São Paulo, highlighted that the exchange rate reforms have made official channels more attractive.
“Our exchange rate is becoming a lot more competitive. Those who previously sought other channels to send their money back home no longer have to do so,” he said.
NiDCOM reaffirmed its commitment to deepening engagement with Nigerians abroad through initiatives such as the Nigerian Diaspora Investment Summit, National Diaspora Day, and the Diaspora Youth Summit.
Dabiri-Erewa praised the patriotism of Nigerians in the diaspora and assured that President Bola Tinubu’s administration remains committed to protecting the welfare of citizens at home and abroad.
With remittances already tripling to $600 million monthly, the Federal Government projects that sustained reforms and growing diaspora participation will drive inflows to $1 billion monthly by 2026, consolidating Nigeria’s position as one of the largest remittance destinations in Africa.