Abdulwahab Isa, Abuja
Financial remittances by Africans in the diaspora hit $95.6 billion in 2021, higher than the $87 billion remitted in 2019.
President, African Development Bank Group, Dr. Akinwumi Adesina, who confirmed the figures described, diaspora Africans as critical to the continent’s economic development through remittances.
An AfDB press statement on Tuesday quoted Adesina as stating this at an event on “Development Without Borders: Leveraging the African Diaspora for Inclusive Growth and Sustainable Development in Africa” organised by the Bank in collaboration with the African Union Commission, the International Organisation for Migration, and the African Continental Free Trade Area Secretariat.
“The value of remittances from the African diaspora doubled from $37 billion in 2010 to $87 billion in 2019, reaching $95.6 billion by 2021. Yet official development assistance to Africa in 2021 was $35 billion, or 36% of the remittances from the diaspora.
“Egypt and Nigeria are among the top-10 remittance recipients globally, with $31.5 billion and $19.2 billion, respectively in 2021.The African diaspora has become the largest financier of Africa! And it is not debt, it is 100% gifts or grants, a new form of concessional financing that is the key for livelihood security for millions of Africans,” he said.