Remittance outflow from Nigeria, by year 2023

The value of personal remittances paid in Nigeria increased in 2023 in comparison to the previous year and stood at around 84.1 million U.S. dollars.
Remittances are flows of money between immigrants and their relatives. They refer to personal transfers between resident and nonresident individuals, and the compensation of employees who are employed in an economy where they are not resident, and of residents employed by nonresident entities.

Find more statistics on other topics about Nigeria with key insights such as gross national income (GNI), personal remittances received, and national gross income per capita.

Value of personal remittances in Nigeria from 2014 to 2023, based on remittance outflow towards any other country

Characteristic	Personal remittance outflow (in million U.S. dollar)	Year-on-year percentage change (%)
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Release date

July 2024

More information

Region

Nigeria

Survey time period

2014 to 2023

Special properties

All figures are estimates and in current U.S. dollars; This statistic follows the BPM 6 definitions of remittances, differentiating between "personal" and "total" remittances even if the two figures are often the same. See the "Details" tab for more information.

Supplementary notes

The numbers provided have been calculated by Statista, using definitions of remittances set in BPM 6 - the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual. The IMF used the following remittance definitions:

Personal remittances: The sum of "personal transfers", "compensation of employees" and "capital transfers between households";
Total remittances: The sum of "1. Personal remittances" with "social benefits";
Total remittances and transfers to Non-Profit Institutions Serving Households (NPISHs): The sum of "2. Total remittances" with "current transfers to NPISHs" and "capital transfers to NPISHs"

The categories of "personal transfers", "compensation of employees", "capital transfers between households", "social benefits", "current transfers to NPISHs" and "capital transfers to NPISHs" are all found in the IMF's Balance of Payments (BOP) database. Both the World Bank - and its KNOMAD department - adopted this IMF database in all their reportings on remittances.

Only the first two IMF categories - "personal transfers" and "compensation of employees" - are reported, though. All other categories are supplementary, meaning data is often not available or researched. This effectively means remittance data is incomplete - as it only covers (parts of) 1. Personal remittances.

Due to this lack of additional information, calculations on 1. Personal remittances and 2. Total remittances regularly lead to the same results. However, sources tend to write "total remittances" when the figures technically refer to "personal remittances". To avoid this confusion, Statista follows the BPM 6 wording of "personal remittances", unless a country does provide additional data that would lead to different figures that would be accounted for in "total remittances".

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