International Journal of Humanities and Social Science

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

Migrant Remittances and the Development of the Informal Sector of the Nigerian Economy
Peter I. Omonzejie, Eunice. E. Omonzejie

Nigeria (with a youth unemployment rate of over 40%), has witnessed for the last three decades specifically, of migration in hordes of its citizens to foreign countries. This to a large extent has been economically induced. By holding fast to an image of the western world as a financial utopia, millions of Nigerians-especially the youths have trans-nationally migrated, seeking greener pastures. Since skilled, semi-skilled and un-skilled Nigerians of both sexes are implicated in these transnational movements, the deleterious effects of migration - including brain drain on the Nigerian economy has been significantly felt. However, in view of the practice of the culture of remittances, and despite the difficulty of reconciliation of remittances of illegal migrants, available statistical data and individual capital accumulation made it apparent that economically, the impact of migration is not a totally negative portent. The study examined the effect of migrant remittances through planned investment in the informal sector. Engaging the descriptive approach, tables, charts and regression estimation in our scrutiny, it was discovered that the myriad problems which hindered the development of the informal economy include inaccurate records, deteriorating or lack of basic infrastructures (energy, water and transport), unavailability of raw materials, insecurity, etc. We have thus proffered suggestion on specific roles of the government of Nigeria in the development of the informal sector of the economy.

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