Nigerians Abroad Send $1.29bn Home in First Quarter 2026

Money sent home by Nigerians living abroad is becoming an increasingly important source of foreign exchange for the country.

New figures show that inflows through International Money Transfer Operators reached $1.29 billion in the first quarter of 2026, representing a 45 per cent increase from the same period a year earlier.

That is not simply another foreign exchange statistic.

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For millions of Nigerian families, remittances help pay school fees, rent, medical bills, food costs and business expenses.

Why remittances matter to Nigeria

Nigeria has a huge diaspora population spread across the United Kingdom, United States, Canada, Europe, the Middle East and other parts of the world.

When Nigerians abroad send dollars home, those funds enter the domestic economy. The money can support households directly.

It can also finance businesses and, indirectly, consumption and investment. The 45 per cent annual increase therefore indicates that Nigerians abroad remain a significant financial support system for the domestic economy.

But there is another side

Nigeria needs to move beyond depending on personal remittances to solve structural foreign exchange problems. Remittances are private money. They belong to Nigerians and their families, not the government.

The stronger long-term strategy is to attract productive foreign investment, expand exports, improve domestic production and create conditions that encourage Nigerians abroad to invest rather than simply send money for survival.

The new figures nevertheless show that the Nigerian diaspora remains one of the country’s most valuable economic assets.

ValidViewNetwork reports that the Q1 figure represents a record level of inflows through the monitored international money transfer channels.