THE EFFECT OF REMITTANCE ON THE ECONOMIC GROWTH OF NIGERIA (AN ECONOMETRIC APPROACH) BETWEEN 1981-2014

  • ELEGBEDE ADE MICHEAL Assistant Professor
  • ADEMULEGUN H.O

Abstract

This study analyzed the impact of remittances inflow on the Nigerian economy. The study employed secondary data covering the period 1981-214.Data sources included official publication of the World, Central Bank of Nigeria statistical bulletin 2014 and Journals and other relevant publications. Data collected were analyzed using Engel- Granger Causality regression Technique. Result of data analysis revealed that remittance inflow has been on the increase over the past three decades with a long run positive effect. Also remittances, per capita income, investment and time were the positive and significant factors influencing output (RGDP) while foreign direct investment (FDI) significantly influenced output (RGDP) negatively. It was recommended that remittance receiving countries should provide a friendly economic environment through sound macro-economic policies, including stable exchange rates basic physical infrastructure, improved market integration, reliable financial and other institutions, transparent legal system and good governance –in essence, conditions that can prime the economy for development and equip it adequately to benefit from this external stimulus.

Published
2018-07-20
How to Cite
MICHEAL, ELEGBEDE ADE; H.O, ADEMULEGUN. THE EFFECT OF REMITTANCE ON THE ECONOMIC GROWTH OF NIGERIA (AN ECONOMETRIC APPROACH) BETWEEN 1981-2014. NOLEGEIN- Journal of Entrepreneurship Planning, Development and Management, [S.l.], p. 29-36, july 2018. ISSN 2581-3900. Available at: <http://mbajournals.in/index.php/JoEPDM/article/view/149>. Date accessed: 24 aug. 2019.
Section
Research Paper