THE IMPACT OF REMITTANCES ON ECONOMIC GROWTH IN NIGERIA.
Resumo
This research studied the impact of migrants’ remittances on the Economic growth of Nigeria; it used annual time series data spanning from 1981 to 2012. The data analysis techniques used in this research include; Unit root test, Co integration test, correlation coefficient test and finally OLS estimation technique. The result of the OLS revealed that migrants’ remittances has positive and insignificant impact on output in Nigeria while domestic private consumption has a significant and positive impact on output in Nigeria; in addition, the results of the correlation coefficient reveals a strong positive correlation between domestic private consumption and migrant remittance. On the basis of this findings, the researcher thereby recommended that government should; strengthen our internet banking system to ease foreign transfer of remittances even for local banks with limited network, reduce the cost of inward remittances for citizens, discourage the patronise of informal channels and make it easier for the informal players in remittances transfer to be licensed so that their activities can be easily monitored and accounted.
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