Migrant Remittances and Economic Growth: The Nigerian Perspective

This study focused on diaspora remittances and its effect on economic growth in Nigeria. It sought to assess the signification of diaspora remittances, and to suggest measures that could enhance its effectiveness and economic growth in Nigeria. To achieve the objective of the research, some macroeconomic indicators in the Nigerian economy were evaluated using an ex-post facto research design. The data were collected, analyzed and tested using the Ordinary Least Square (OLS) multiple. From the analysis, it was revealed that there was a significant relationship between total remittances and gross domestic product in Nigeria. Furthermore, workers remittance was found to have an insignificant effect on gross domestic product in Nigeria. Based on the findings, the study recommended that total remittance distribution should always be backed by predictable, sound, and proportionate regulatory framework, in order to stimulate the participation of reputable international financial organizations via risk management practices and good governance. Also, the government of Nigeria should work towards creating a conducive environment that will attract international remittances. Thus, the establishment of migrant office in the Federal and State Ministry of Foreign Affairs, with branches nation-wide, will be a good step in the right direction in boosting workers remittance.