Nationals of 10 African countries accounted for $79.3 billion in remittances in 2023. The top five are Egypt, Nigeria, Morocco, Ghana, and Kenya.
Egyptians in diaspora sent approximately $24.2 billion back home, while Nigerians and Moroccans abroad sent $20.5 billion and $12.1 billion respectively to their home countries.
Remittances are the funds or monies that are sent by nationals of other countries working and living abroad to their family members in their home country to support family members or for investment purposes.
They are sent in foreign currencies and they contribute in boosting household income, reducing poverty, and for economic growth for recipient countries.
A data from the World Bank says the United States remains the largest source of remittances while Egypt maintains the No. 1 spot as the highest recipient in Africa.
Recalled that remittances from Egyptians abroad was $31.5 Billion in 2021 and rose to $32.3 Billion in 2022. The 2023 figure shows that there was a decline.
Nigeria, in 2022 received $20.9 Billion in remittance from its citizens abroad.
Even at that, the country continues to battle foreign exchange crisis. It relies heavily on profits from sales of crude oil and remittances from its citizens working and living abroad.
On the global scale, India ($125 billion), Mexico ($67 billion), China ($50 billion), and the Philippines ($40 billion) are the largest recipients.
By region, remittance inflows grew for Sub-Saharan Africa by 1.9%.
Here is the list of 10 African countries that received most remittances from their citizens living abroad:
- Egypt: $24.2 billion
- Nigeria: $20.5 billion
- Morocco: $12.1 billion
- Ghana: $4.9 billion
- Kenya: $4.2 billion
- Zimbabwe: $3.1
- Senegal: $2.9B
- Tunisia: $2.7B
- DR Congo: $1.4B
- Uganda: $1.3B
Featured image:
- Zawya
