The Relationship between Remittance Net Flows and Economic Growth in Nigeria

Description

– The Relationship between Remittance Net Flows and Economic Growth in Nigeria –

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Abstract

This study investigated the impact of remittance netflow on per capita growth and also examined the transmission of structural shocks from remittance netflows to economic capita growth in Nigeria

The impulse responses and variance decomposition computed from the VAR estimates are used to ascertain the reaction of economic capita growth to remittance net-flow and dynamic effect of shocks on the endogenous variables:

Remittance net- flow[REM], exchange rate[EXC], exchange regime dummy[EXR], inflation[INF], foreign direct investments[FDI].

The result of the Two Stage Least Square (2sls) showed that the independent variables in the models explained the dependent variable to a reasonable extent.

Remittance net-flow and exchange rate regime dummy has significant impact on economic capita growth in Nigeria. The impulse response result showed that the shocks transmitted by REM,EXC,INF and FDI increased economic growth per capita, except shocks from EXR dummy which were mostly negative in the periods.

The result from forecast error variance decomposition showed that the predominant sources of variation in economic growth were from exchange rate regime, remittance netflow and foreign direct investment.

The paper, therefore, recommend among others, the removal of unnecessary restrictions in the movements especially when it involves the movement of her nationals to places where most of the remittance inflows comes from.

Introduction

1.1 Background of the Study

Migration has become an important strategy for household subsistence. Through migration, households have boosted their welfare level due to the remittances that migrants send back home to their families.

Remittances have also become significant private financial resources for individuals in countries of origin of migrant (UNCTAD, 2011). The magnitude of remittance flow usually affects both the host and the receiving countries.

For the host countries, remittance is seen as outflow while, the receiving country, see it as inflow. The net flow of remittances in any nation shows how that country has gained from liberalization.

Remittances allow households the opportunity to diversity their income source, hence hedge against risk and increase their economic wellbeing (Nyarko and Kwabena, 2010).

In doing this the net flow of remittances becomes a source of increasing economic capita growth rate of any country.

In Africa, Nigeria, as the most populated country, plays a key role in its migrations. She has become increasingly involved in international migration to Europe, the Gulf countries and South Africa, yet Nigeria is also a source and destination country migration within west-Africa (Adepoju,A.Van Naerssen,T and A Zoomers,2006).

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