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INTERNATIONAL REMITTANCES AND ECONOMIC GROWTH OF NIGERIA
ABSTRACT
The paper investigated the effect of international remittances on the economic growth of Nigeria for the period covering 1986 to 2017. In analysing the data collected the ARDL approach to cointegration and VECM was adopted in determine the long run and short run relationships among economic growth, remittances, gross domestic investment, Interest rate and inflation rate. Findings indicated that in the long run remittances, human capital and inflation rate had positive effect while GDI and interest rate had negative effect on the economic growth of Nigeria. In the short run remittances, human capital, GDI and inflation rate had positive effect while interest rate had negative effect on the economic growth of Nigeria. Inveiw of the findings the study amongst others recommend that Government should put in place facilities and incentives that will make remittances cheaper using the formal channel, also the introduction of new savings instruments as well as providing information on investible opportunities available in Nigeria will ensure remittance are put into productive use. The creation and functioning of the Migrants and Diaspora Office domiciled in the Ministry of Foreign Affairs will serve as a fulcrum in stepping up remittances.
Key Words: Remittances, Economic growth, ARDL cointegration, Investment, and Nigeria.