The impact of remittances on economic growth in Nigeria from 2008 to 2023 | ||
| المجلة العلمية للدراسات والبØوث المالية والتجارية | ||
| Article 27, Volume 6, Issue 1, January 2025, Pages 851-888 PDF (1.13 M) | ||
| Document Type: المقالة الأصلية | ||
| DOI: 10.21608/cfdj.2024.335624.2092 | ||
| Authors | ||
| ayman salah eldin ibrahim* 1; وليد اسماعيل2 | ||
| 1iaems | ||
| 2مجلس الوزراء | ||
| Abstract | ||
| This study investigates the impact of remittances on economic growth in Nigeria from 2008 to 2023 through studying the volume of remittances from workers abroad and their impact on economy, uses of remittances of workers abroad, government policies related to remittances of workers abroad, then analyze the relationship between remittances of workers abroad and their impact on economic growth in Nigeria during the period (2008-2023). We concluded that Remittances from workers abroad have increased from $19.2 billion in 2008 to $20.5 billion in 2023 and proved a significant contributor to economic growth in Nigeria. The paper established through descriptive and econometric analysis by error correction model, we suggested that remittances have had positive impact on household income, reduction of poverty, exchange rate stability, investment, entrepreneurship, and unemployment. We also suggested that a 10% increase in the share of GDP from remittances was associated with a 3.1% increase in private consumption in the short run, while a 1% increase was associated with a 0.6% increase in the SMEs' share in total employment in the long run. | ||
| Keywords | ||
| Remittances from workers abroad; Economic Growth; Error correction form | ||
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