The impacts of remittances on Nigeria's economic growth: A case study on Nigerian diasporas in Ghana

Abstract

The paper investigates the activities of Nigerian diasporas in Ghana from the perspective of the money remitted to Nigeria for her economic growth. There are complexities and dynamism in patterns of migration, remittances and its attendants implications to economic growth within the sub-region of West Africa. The study made use of primary data with the aid of questionnaire instrument and a population size of 326 respondents living in Ghana. The analysis which employed both nonparametric (chi-square) and a linear regression estimator shows that remittances from the Nigerian diasporas in Ghana are significant to economic growth of Nigeria. Also, the result revealed that remittances have significantly supported savings and investment in Nigeria including community-based developmental projects and charity support activities. Consequently, there is need to provide adequate infrastructures for attracting more remittances from the diasporas into the economy through better formal financial and high interest reward investment scheme.