Research Article

Diaspora Remittances and The Growth of The Nigerian Economy

Volume: 8 Number: 2 December 29, 2021
TR EN

Diaspora Remittances and The Growth of The Nigerian Economy

Abstract

This paper assessed the impact of diaspora remittances on the growth of the Nigerian economy from 1986 to 2019. The paper utilizes the Autoregressive Distributed Lag (ARDL) model by using variables of gross national product, diaspora remittance inflows, labor force, financial development, and trade openness. Results of the study have shown that diaspora remittances have a positive and significant impact on economic growth in Nigeria in the short run and long-run, however, its impact on growth was quite low for both periods. To improve the contributions of diaspora remittance, remittances should go beyond just transfer payments and social security to help family members and serve as investments to spur economic growth. Also, increasing labor force participation through job creation, improving working conditions to enhance productivity, and creating favorable financial environment to invest these funds is advocated. Additionally, international trade should be strengthened by shifting production from primary products such as crude oil and agricultural produce to secondary products such as refined petroleum and industrial products by revamping the industrial sector.

Keywords

Supporting Institution

Federal University Lokoja

Project Number

TETFUND

Thanks

Thanks

References

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  2. Adarkwa, M. A. (2015). Impact of remittances on economic growth: evidence from selected West African countries (Cameroon, Cape Verde, Nigeria and Senegal). African Human Mobility Review, 1(2), 177-200.
  3. Amugune, C. J. (2018). The effect of diaspora remittances on the economic growth of Kenya [Doctoral dissertation, University of Nairobi]. UoN Dissertations & Theses.
  4. Anetor, F. O. (2019). Remittance and economic growth nexus in Nigeria: Does financial sector development play a critical role? International Journal of Management, Economics and Social Sciences, 8(2), 116-135.
  5. Barajas, A., Chami, R., Fullenkamp, C., Gapen, M., & Montiel, P. (2009). Do workers’ remittances promote economic growth? IMF Working Papers, No. WP/09/153.
  6. Didia, D., Didia, L., & Ayokunle, P. (2018). Accounting for diaspora remittances in the economic development of Sub-Saharan Africa. Journal of Applied Economics and Business Research (JAEBR), 8(2), 109-121.
  7. Economics Online. (2020). Economic growth. Retrieved November, 10, 2020, from https://www.economicsonline.co.uk/Definitions/Growth.html
  8. Elebiju, A., & Fatokunbo, G. (2020, May 6). Nigeria remittances: Legal, regulatory and commercial issues in diaspora transactions. Mondaq. https://www.mondaq.com/nigeria/income-tax/929158/remittances-legal-regulatory-and-commercial-issues-in-diaspora-transactions

Details

Primary Language

English

Subjects

-

Journal Section

Research Article

Publication Date

December 29, 2021

Submission Date

July 29, 2021

Acceptance Date

December 1, 2021

Published in Issue

Year 2021 Volume: 8 Number: 2

APA
Beke, A., Ameji, E., & Solomon, U. (2021). Diaspora Remittances and The Growth of The Nigerian Economy. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 8(2), 170-185. https://doi.org/10.30803/adusobed.975567
AMA
1.Beke A, Ameji E, Solomon U. Diaspora Remittances and The Growth of The Nigerian Economy. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2021;8(2):170-185. doi:10.30803/adusobed.975567
Chicago
Beke, Adewale, Enemona Ameji, and Urah Solomon. 2021. “Diaspora Remittances and The Growth of The Nigerian Economy”. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 8 (2): 170-85. https://doi.org/10.30803/adusobed.975567.
EndNote
Beke A, Ameji E, Solomon U (December 1, 2021) Diaspora Remittances and The Growth of The Nigerian Economy. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 8 2 170–185.
IEEE
[1]A. Beke, E. Ameji, and U. Solomon, “Diaspora Remittances and The Growth of The Nigerian Economy”, Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, vol. 8, no. 2, pp. 170–185, Dec. 2021, doi: 10.30803/adusobed.975567.
ISNAD
Beke, Adewale - Ameji, Enemona - Solomon, Urah. “Diaspora Remittances and The Growth of The Nigerian Economy”. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 8/2 (December 1, 2021): 170-185. https://doi.org/10.30803/adusobed.975567.
JAMA
1.Beke A, Ameji E, Solomon U. Diaspora Remittances and The Growth of The Nigerian Economy. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2021;8:170–185.
MLA
Beke, Adewale, et al. “Diaspora Remittances and The Growth of The Nigerian Economy”. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, vol. 8, no. 2, Dec. 2021, pp. 170-85, doi:10.30803/adusobed.975567.
Vancouver
1.Adewale Beke, Enemona Ameji, Urah Solomon. Diaspora Remittances and The Growth of The Nigerian Economy. Adnan Menderes Üniversitesi Sosyal Bilimler Enstitüsü Dergisi. 2021 Dec. 1;8(2):170-85. doi:10.30803/adusobed.975567

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