Impact of migration and remittance on economic growth in Nigeria: dynamic ordinary least square model
Keywords:
Migration, Remittance, Economic growthAbstract
The study examined the migration and remittance on economic growth in Nigeria. The specific objectives were to: ascertain the impact of migration on economic growth in Nigeria and determine the impact of remittance on economic growth in Nigeria. The research design was ex post-facto method. The variables consist of real Gross domestic Product (RGDP), net migration rate (NMG), international migration stock (IMG), diaspora remittance (REM), trade openness (TRADE) and exchange rate (EXCH) for the period of 1990 to 2024 The method of data analysis was divided into three phases namely: pre-estimation, estimation and post-estimation. The method of data analysis was Dynamic ordinary least square (DOLS). The empirical results showed that international migration has 10 percent negative and insignificant impact on economic growth (t-statistics; -0.3335; p-value; 0.7450 > Sig-value: 0.005) and diaspora remittance has positive and significant impact on economic growth (t-statistics; 7.7346; p-value; 0.0000 < Sig-value: 0.005). This study concludes that migration has 10 percentage negative and insignificant impact on economic growth in Nigeria while remittance has 60 percentage positive and significant impact on economic growth in Nigeria. The study concluded that Nigeria government should adopt strategies to stemming international migration by addressing push factors of unemployment, low salaries, limited chances of self-advancement, poor conditions of service, poverty and pull factors such as job opportunities, safety and security, wealth prospects, food security and conflicts, better conditions of service and higher standards of living since they are the root causes of international migration.
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