The Effect of Migrants Remittance on Economy Growth in Nigeria: An Empirical Study

Abstract

Remittance inflows have been increasing significantly in Nigeria over the past decades. They are becoming one of the most constant sources of economic growth and development. This research work examined migrants’ remittance and economic growth in Nigeria. Remittance inflow was used as dependent variable and gross domestic products, inflation, imports and exports were independent variables. In this study, secondary data were utilized. The study employs annual data obtained from world development and international financial statistics which covers the period of 29 years (1990-2018). Quantitative data collected were evaluated through descriptive statistics; and the hypotheses formulated were tested with the use of multiple linear regressions which includes ANOVA, Correlation, and Coefficient. And this was done with the aid of SPSS version 21. From the findings of the study and the tested hypotheses, it was discovered that significant relationship exists between remittance and gross domestic product, exports and imports in Nigeria while inflation has no significant relationship with remittance. The study therefore proffers some recommendations towards utilizing influx of remittance for economic growth in Nigeria.