International Remmitance Inflow And Economic Growth In Nigeria
Journal Title: IOSR Journal of Humanities and Social Science - Year 2018, Vol 23, Issue 1
Abstract
The broad objective of the study is to determine empirically the impact of international remittances inflows to domestic economy, using Nigeria as a case study between 1980 and 2015. The specific objectives are to determine to what extent international remittance inflows impact on the growth of domestic economy; to investigate if there is significant casual relationship between international remittance inflows and the growth of domestic economy in Nigeria and to compare the influence of oversea development assistance and international remittance inflows to the growth of domestic product in Nigeria. In the model specified, real gross domestic product (RGDP) is a function of the growth international remittance inflows (IRIGWT), oversea development assistance, (ODAGNI), balance of trade (BOT), and inflation (INFL). The study used co- integration, vector error correction mechanism and granger causality for estimation of specified models. The results of estimation depict a negative significant relationship between IRIGWT and RGDP. Also ODAGNI has positive significant correlation with RGDP, BOT has positive significant relationship while INFL exhibit positive insignificant relation with RGDP. Granger causality results report that causality exist between IRIGWT and RGDP. The study recommends that Federal Government of Nigeria should adopt strict policy measures to regulate remittances and also to encourage international remittances passing through official channel by reducing the cost of remittances.
Authors and Affiliations
Onyeisi Ogbonna Samuel, Odo Idenyi Stephen
Keywords
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- EP ID EP416669
- DOI 10.9790/0837-2301015264.
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