Detty December: Nigerians Abroad Remitted N144 trillion in Five Years, N16 trillion in December 2024 Alone

Detty December

Nigerians living abroad continue to make remarkable contributions to the nation’s economy, with diaspora remittances surpassing N144 trillion over the past five years. In December 2024 alone, a staggering N16 trillion flowed into the country, demonstrating the critical role of the diaspora in sustaining households, supporting businesses, and boosting foreign exchange reserves.

December, often dubbed “Detty December” for its vibrant festivities, saw many diaspora Nigerians returning home in droves, bringing not just funds but also energy to the country’s social and economic scene. The Chairman of the Nigerians in Diaspora Commission (NIDCOM),  Abike Dabiri-Erewa, has said that Nigerians in diaspora spent about N60 billion when they visited the country in December 2024.

“This December, of course, you know, it is not less than N60 billion in what they spent coming to Nigeria. It could grow but it is just scratching the surface,” she said. From lavish weddings and family reunions to extravagant parties and cultural festivals, the influx of Nigerians during the festive season created a flurry of economic activity.

Real estate saw a surge in short-term rentals, with reports indicating a growth of 18% in short-term rentals in 2024. Hospitality and entertainment industries thrived on the back of high-end events and concerts. Shopping malls, local markets, and luxury brands recorded brisk sales as returnees spent generously on gifts, clothing, and celebratory items.

Remittances processed through International Money Transfer Operators showed an upward trajectory, with figures from January to October 2024 reaching N6.22 trillion, marking a 61.1% increase from the previous year, reflecting the growing economic support from Nigerians living overseas. This trend is expected to continue with strategic policy enhancements to make remittance processes more efficient and attractive.

The financial impact of these activities was significant, with remittances channeled into a variety of sectors, including education, healthcare, and small business investments. Hon. Abike Dabiri-Erewa, Chairperson of the Nigerians in Diaspora Commission (NiDCOM), emphasized the transformative potential of these funds, urging continued engagement with the diaspora community. “The economic boost from the festive season underscores the indispensable role of our diaspora in national development,” she said.

With sustained policy initiatives, such as Central Bank of Nigeria’s (CBN) recent introduction of the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) to optimize diaspora remittances and bolster Nigeria’s financial stability. This will better the systems to facilitate formal remittances, and the diaspora’s contributions are expected to keep rising, ensuring a robust support system for Nigeria’s economy.

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