Diaspora remittances have emerged as a leading source of external funding in Africa, surpassing foreign direct investment (FDI) and official development assistance. According to a recent World Bank report, remittances to Africa reached approximately $100 billion in 2023, accounting for about 6% of the continent’s GDP, with projections indicating an even greater gap in 2024.
Morocco ranked third among African countries receiving the highest remittances in 2024, with inflows amounting to $12 billion. Egypt led the list with $22.7 billion, followed by Nigeria with $19.8 billion. These funds, primarily sent by Moroccans living in Europe and North America, serve as a crucial source of economic stability and household income in the kingdom.
Remittances play a vital role in Morocco’s economy, contributing to improved living standards, financing local projects, and supporting investments. This highlights the strong connection between Moroccans abroad and their home country, as well as their commitment to assisting their families and contributing to national economic development.
Across Africa, remittances have seen steady growth, increasing by 57% over the past decade, while FDI has dropped by 41%. This trend is attributed to income disparities, economic and political stability in host countries, and the escalating impacts of climate change, which drive migration.
The report underscores that remittances have significantly outpaced both official development assistance ($42 billion) and FDI ($48 billion) in 2023. This reliance on remittances highlights their critical role as a primary economic lifeline for several African nations, including Morocco.
In conclusion, Morocco stands out as a leading example of how diaspora contributions can bolster national economies, reflecting the vital role played by Moroccan expatriates in supporting economic and social development at home.
