Diaspora Remittances and The Growth of The Nigerian Economy

Year 2021, Volume: 8 Issue: 2, 170 - 185, 29.12.2021

Adewale Beke , Enemona Ameji , Urah Solomon

https://doi.org/10.30803/adusobed.975567

Abstract

This paper assessed the impact of diaspora remittances on the growth of the Nigerian economy from 1986 to 2019. The paper utilizes the Autoregressive Distributed Lag (ARDL) model by using variables of gross national product, diaspora remittance inflows, labor force, financial development, and trade openness. Results of the study have shown that diaspora remittances have a positive and significant impact on economic growth in Nigeria in the short run and long-run, however, its impact on growth was quite low for both periods. To improve the contributions of diaspora remittance, remittances should go beyond just transfer payments and social security to help family members and serve as investments to spur economic growth. Also, increasing labor force participation through job creation, improving working conditions to enhance productivity, and creating favorable financial environment to invest these funds is advocated. Additionally, international trade should be strengthened by shifting production from primary products such as crude oil and agricultural produce to secondary products such as refined petroleum and industrial products by revamping the industrial sector.

Keywords

Diaspora remittances, Economic growth, Financial development, Labor force, Trade openness

Supporting Institution

Federal University Lokoja

Project Number

TETFUND

Thanks

Thanks

İşçi Dövizleri Diasporası ve Nijerya Ekonomisinin Büyümesi

Abstract

Bu makale, diaspora havalelerinin 1986'dan 2019'a kadar Nijerya ekonomisinin büyümesi üzerindeki etkisini değerlendirdi. Bu makale, gayri safi milli hasıla, diaspora havalesi girişleri, işgücü, finansal gelişme ve ticaret açıklığı. Çalışmanın sonuçları, diaspora havalelerinin Nijerya'da kısa ve uzun vadede ekonomik büyüme üzerinde olumlu ve önemli bir etkiye sahip olduğunu, ancak büyüme üzerindeki etkisinin her iki dönem için de oldukça düşük olduğunu göstermiştir. Diaspora havalesinin katkılarını iyileştirmek için, havaleler, aile üyelerine yardımcı olmak ve ekonomik büyümeyi teşvik etmek için yatırımlar olarak hizmet etmek için sadece transfer ödemelerinin ve sosyal güvenliğin ötesine geçmelidir. Ayrıca, istihdam yaratarak işgücüne katılımın artırılması, verimliliğin artırılması için çalışma koşullarının iyileştirilmesi ve bu fonlara yatırım yapmak için uygun finansal ortamın yaratılması savunulmaktadır. Ayrıca, sanayi sektörü yenilenerek, üretimin ham petrol ve tarımsal ürünler gibi birincil ürünlerden rafine petrol ve sanayi ürünleri gibi ikincil ürünlere kaydırılarak uluslararası ticaretin güçlendirilmesi gerekmektedir.

Keywords

Diaspora işçi dövizleri, Ekonomik büyüme, Finansal gelişme, İş gücü, Ticari açıklık

Project Number

TETFUND

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