The financial contribution of diaspora remittances is significant. As the President of African Development Bank remarked recently, "Africans in diaspora are Africa's largest financiers. Remittances from the diaspora to Africa grew from $ billion in 2010 to $ billion in 2021. Total Official Development Assistance to Africa in 2021 was $ billion or 36 percent of remittances from diaspora."
According to data from the World Bank, remittance flows to low- and middle-income countries increased by 4.9 percent to reach $ billion in 2022, even as global flows are estimated to have reached $ billion in the same year.