Recent findings from the U.S. Census Bureau reveal that Nigerian households rank sixth among African migrant communities in the United States, boasting a median household income of $80,711. This places them behind South African migrants, who lead with an income of $107,595, and Kenyan migrants at $93,568. The Nigerian diaspora in the U.S. is significant, with over 400,000 individuals contributing to both the American economy and their home country's economic growth [0cbce1fb].
The economic contributions of the Nigerian diaspora are further underscored by their annual remittances, which total approximately $20 billion, accounting for 6.1% of Nigeria's GDP. This was highlighted during Africa Diaspora Day at the U.S. Capitol on September 19, 2024, where Abike Dabiri-Erewa, the chairman and CEO of the Nigerians in Diaspora Commission (NiDCOM), called for strategic partnerships between the Nigerian government and its diaspora [74742bc1].
In addition to their income levels, many Nigerians in the U.S. have established successful businesses, enhancing their financial standing and contributing to the economy. Notably, Tope Awotona, a Nigerian entrepreneur, has emerged as the richest immigrant in the U.S., with a net worth exceeding $1 billion [0cbce1fb]. This entrepreneurial spirit among Nigerians aligns with the recent announcement by Consul General Will Stevens, who noted a 7% increase in U.S. foreign direct investment (FDI) to Nigeria, emphasizing the importance of supporting women entrepreneurs in the country [2a7098cf].
The growing contributions from the Nigerian diaspora, coupled with the rise in U.S. investment, are seen as crucial for Nigeria's economic strategy, especially as the country aims to diversify its revenue sources beyond oil. The Nigerian government is actively seeking to create a conducive environment for investment and encourage more Nigerians abroad to engage in national development [74742bc1]. Aare Afe Babalola also emphasized the need for the youth to seize opportunities at home, reinforcing the message of collaboration with the diaspora [65026e19].