Diaspora Remittances and Sustainable Development in Nigeria: An Empirical Analysis, 2010-2024.

This study critically examines the role of diaspora remittances in promoting economic sustainability in Nigeria from 2010 to 2024. During this period, Nigeria emerged as one of the top remittance-receiving countries in Sub-Saharan Africa, with inflows from its global diaspora consistently surpassing Foreign Direct Investment (FDI) and Official Development Assistance (ODA). The research explores the magnitude, channels, and utilization of remittances, and evaluates their impact on macroeconomic stability, poverty alleviation, and long-term development. Key findings reveal that remittance inflows to Nigeria averaged over $20 billion annually during the period, peaking at $25 billion in 2018, accounting for approximately 6% of GDP. However, the study also identifies structural challenges that limit the transformative potential of remittances. These include high transaction costs, informal transfer channels, weak financial infrastructure, and limited integration of remittances into formal investment frameworks. Moreover, the study recommends the adoption of a coherent national diaspora policy and adequate data tracking mechanisms in order to effectively assess the contribution of diaspora remittances to economic sustainability in Nigeria. The study concludes that diaspora remittances were a vital component of Nigeria's economy, contributing signif.icantly to economic sustainability.