International Journal of Humanities and Social Science

ISSN 2220-8488 (Print), 2221-0989 (Online) 10.30845/ijhss

The Impact of Net Migrant Remittance on Economic Growth: Evidence from Nigeria
Danmola, Rasaq Akonji; Abba Mohammed Wakili

The growing impact of remittance in the economic well-being of the in Sub-Sahara Africa, most especially Nigerians cannot be ignored. This can better be appreciated in term of large number of Nigerians living and working abroad and with the resultant incomes that are being sent back home. This development has necessitated the need to examine the impact of net remittance on economic growth, having taken into consideration the cost of transferring the remittances. The study employs the use of seemingly unrelated regression (SUR) analysis and Error Correction Model. The result does establish a significant relationship between net remittance and economic growth, but at individual level, it provides immediate income for different households. But the impact of Remittance can only be more meaningful and contribute to economic growth of Nigeria, only if financial institutions are well organized and be made more competitive to provide remittance services at reduced cost, so that funds can be remitted through official channels.

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