32% of Nigerians who received remittances in 2024 got money only occasionally. For some, this meant an unexpected but welcome boost to their finances. For others, the wait between transfers stretched thin budgets and heightened anxiety.

The Remittance Report by Send App for 2024 paints a picture of how Nigerians rely on money from loved ones abroad—not just to survive but to invest, maintain relationships, and navigate the unpredictable economic realities of life in Nigeria.

The majority of survey respondents (83.2%) were between 18 and 34 years old, highlighting the strong reliance of young Nigerians on remittances.

Nigeria has one of the largest diaspora populations in Africa, as data from the International Organisation for Migration (IOM) puts the population of Nigerians in diaspora at about 17 million as of 2024. And, the bonds between those who leave and those who stay remain strong, as seen in the report’s findings:  

• 25.4% of respondents have siblings abroad.  
• 23.4% have close friends living outside the country.  
• 21.8% have extended family members overseas.  

Their loved ones are spread across multiple continents, reinforcing Nigeria’s global footprint. 

33.6% said their relatives or friends reside in Europe, 27.6% in Africa, and 25.4% in North America. These statistics reflect long-standing migration patterns. While Europe and North America have long been key destinations, there is a rising trend of intra-African migration, as Nigeria accounts for nearly 19% of all migration within West Africa (IOM, 2023). 

How much money is being sent—and how often?  

The frequency and size of remittance transfers tell a deeper story of financial dependence.  

• 11.4% of respondents received money weekly. 
• 26% got it monthly, suggesting a structured support system.  
• 32% received funds occasionally, likely during emergencies or special events.  
• 30.6% rarely or never received financial help.  

Beyond the frequency, the amounts received vary significantly:  

• 42.8% got less than $100 per transfer.  
• 33.8% received between $100 and $500.  
• 15% received between $500 and $1,000.  
• Only 8.4% got over $1,000.  

For many, even smaller amounts make a difference. A $100 transfer (~₦115,000 at parallel market rates in early 2024) can cover a month’s rent in some areas, buy groceries for a family, or settle an urgent utility bill. Given that Nigeria’s minimum wage was at ₦30,000 ($26) per month, remittances often provide more financial relief than local salaries. 

These numbers align with the Central Bank of Nigeria’s (CBN) report that diaspora remittances through International Money Transfer Operators (IMTOs) totalled $4.22 billion from January to October 2024, almost doubling the $2.62 billion recorded in the corresponding period in 2023, making it the largest recipient in sub-Saharan Africa. 

The economic downturn, however, in key diaspora locations like the UK, US, and Canada has strained how much Nigerians abroad can send home.

Where the money goes  

For many households, remittances bridge the gap between earnings and essential expenses. The Send App report shows how recipients allocate their funds:  

• 48.4% spent the money on food, rent, and utilities.  
• 40.8% used it for emergencies, such as medical bills.  
• 10.8% invested in their businesses.  

However, remittances are not solely about survival. Nigerians also use these funds to enhance their quality of life:  

• 43.8% bought gadgets like phones and laptops.  
• 31.2% spent on fashion.  
• Others covered costs for social events, entertainment subscriptions, and relationship expenses.  

These spending patterns challenge the stereotype that all remittances are used only for basic needs. For many young Nigerians, financial support from abroad provides access to digital tools, education, and even entrepreneurial opportunities. 

A World Bank study confirms that over 50% of remittance recipients in low- and middle-income countries use a portion of their funds for investment.  

One notable trend is that many recipients used remittances for healthcare. Given Nigeria’s struggling public health system, where out-of-pocket healthcare expenses account for 77% of total health spending (WHO, 2023), remittances are a critical safety net. For families without health insurance, a transfer from a relative abroad could mean the difference between affording medical treatment or going without care.  

More than money: The emotional connection  

Beyond financial relief, remittances serve as emotional lifelines. 

46.5% of respondents said receiving money made them feel “extremely connected” to their loved ones, while 20.5% felt “very connected.”  

For those separated by visa restrictions or economic migration, sending and receiving money is a way of maintaining relationships. Some recipients describe these transactions as an expression of love and responsibility rather than mere financial aid. This is particularly true for elderly parents who depend on their children abroad, as well as siblings who step into the role of providers.  

There is also a psychological impact when remittances are delayed or unavailable. 

The 33% of respondents who felt only moderately connected or less may reflect those who expected support but did not receive it regularly. 

Studies on remittances suggest that when economic conditions worsen abroad, those at home often feel the strain first. A decrease in transfers can lead to heightened financial stress and even relationship tensions.  

The cost of sending money  

Despite their importance, remittances remain costly. The World Bank’s Remittance Prices Worldwide Database reports that the average transaction fee for sending money to Nigeria is 7.1%—more than double the UN Sustainable Development Goal (SDG) target of 3%. High transfer fees mean that a sender who wants to remit $200 might pay over $14 in charges.  

One reason for these high costs is Nigeria’s exchange rate policies. The official exchange rate set by the Central Bank of Nigeria (CBN) often differs significantly from parallel market rates, leading many to seek unofficial channels for better value. This, in turn, affects how much money ultimately reaches recipients.  

The push for cryptocurrency-based remittance solutions has grown as Nigerians look for cheaper, faster alternatives. According to a Technext report, Nigeria ranked second for crypto adoption in 2024, with remittances being a key driver. However, regulatory crackdowns on crypto transactions pose challenges for those who rely on digital assets for money transfers.  

What lies ahead?  

Despite economic uncertainties, remittance recipients remain hopeful. 

68.2% expect to receive more money in 2025, while only 13% anticipate less. This optimism likely stems from increased migration trends, as over 2,000 Nigerian professionals left for the UK alone in Q3 2023 (Home Office Data, UK). And with more Nigerians seeking better job opportunities abroad, remittance inflows may grow, even as economic conditions fluctuate.  

One trend to watch is the impact of rising living costs in popular destination countries. The cost of living crisis in the UK, Canada, and the US has squeezed many diaspora Nigerians, forcing them to reconsider how much they can afford to send home. If inflation remains high abroad, the expected increase in remittance inflows may not materialise.  

Yet, for those at home, remittances remain a vital source of support. They keep families afloat, fund education and healthcare, and strengthen emotional ties across borders. The Send App report highlights what has long been known—when Nigerians leave, they do not truly leave. Their money, care, and commitment continue to flow home, sustaining relationships and reshaping futures.