REMITTANCE FLOWS: EXAMINING THE FREQUENCY AND RELEVANCE IN NIGERIA
Abstract
Migration has been variously described as a human feature dating back to antiquity. However, what is novel about it are the frequency and dimensions it takes which have made it a socioeconomic and even political issue of global concern. One key driver of migration across race, time, and space is the flow of remittances. Remittance – a household income from relatives or friends living abroad – constitutes a major source of income for left-behind families. It also largely contributes to social and economic growth and development of countries of origin.This study triangulates two different but interrelated models of migration – Human Capital and the New Economics Models of Migration – so as to provide cogent analysis of remittance flows and outflows. Thus, using secondary sources of data, this study examined the patterns of inflows and outflows of remittances in Nigeria. Based on the issues raised and interrogated, the study recommends, among other things, the establishment of Diaspora commission which would be responsible for the coordination and enhancement of remittances inflow through formal financial institutions. It also recommends that relevant incentivised remittance policies should be formulated by the Central Bank of Nigeria in order to discourage the international migrants from circumvention of their remittances from official channels. Finally, the Federal Government of Nigeria, through its anti-graft agencies particularly the Economic and Financial Crimes Commission (EFCC) should take proactive measures to clampdown corrupt practices clogging the flow of remittances into the economy.
Keywords
Full Text:
PDFReferences
Abdul, Q. Muhammad, J. and Umaima, A. (2010). Impact of remittances on economic
growth and poverty: Evidence from Pakistan. Munich Personal RePEC Archive (MPRA). Paper no 29941.
Adams, R. and Page, J. (2005). Do international migration and remittances reduce poverty in
developing countries? World Development, 33(10), 1645-1669.
Adeagbo O. and Ayansola O. A. (2014). “Impact of Remittances on Development in Nigeria:
Challenges and Prospects” Journal of Sociology SocAnth. Vol. 5(3), Pp. 311-318.
Adenutsi, D. E. (2010). Do international remittances promote human development in poor countries? Empirical evidence from Sub-Saharan Africa.The International Journal of Applied Economics and Finance, 4(1).31-45.
Adeyi, E. O. (2015). “Remittances and Economic Growth: An Empirical Evidence from Nigeria and Sri Lanka” Basic Research Journal ofEducation Research and Review.Vol. 4 (5), Pp. 91-97.
Agabi, C., (2016). Nigeria Diaspora remittance hits US 35 billion dollars in 2016”. Daily
Trust (Abuja). Retrieved 2017-08-21
Beatrice, N. M. and Samuel, N. M. (2015).The effect of remittances on economic growth in
Kenya. International Journal of Microeconomics and Macroeconomics 3(1), 15-24
Chima, O. (2021). Enhancing Flow of Diaspora Remittances.This Day, Retrieved on
February 3, 2023
Chron, (2018). Data show Nigerians the most educated in the U.S., s.l.: s.n.
De Haas, H. (2007). Remittances and social development: A conceptual review framework of
the literature. Social Policy and Development Programme Paper 34. Geneva: UNRISD.
Englama, A. (2007). The impact of remittances on economic development. Publication of the
Central Bank of Nigeria, 31(4) 5-17.
Fagerheim M. G. (2015). “Impact of Remittances on Economic Growth in ASEAN” Thesis
for Master of Philosophy in Environmental and Development Economics, OSLO University, May 2015.
Global Migration Indicators (2018). IOM Releases Global Migration Indicators Report 2018,
International Organisation for Migration IOM Accessed from reliefweb.com Retrieved 5 March 2023
Iheke, O. R. (2016). Remittances and the economy: the Nigerian experience, s.l.: Scientific
Papers Series Management, Economic Engineering in Agriculture and Rural Development.
International Labour Organisation (2000). Migration and Development in Central
Maghreb. From
(Retrieved on 1 March 2023).
International Organisation for Migration (IOM) (2006).World Migration 2005: Costs and
Benefits of International Migration.Geneva: International Organization for Migration.
International Organisation for Migration (2023).Migration Data Portal: Top Five
Remittance-Receiving Countries from Nigeria between 2005 and 2010 .Geneva: International Organization for Migration.
International Monetary Fund (2014). Are Immigrant Remittance Flows a source of
Capital for Development? From
(Retrieved on 1March 2023).
Kar, D. and Cartwright-Smith, D. (2008). Illicit Financial Flows from Developing Countries:
-2006 Global Financial Integrity Retrieved 5 March 2023.
Komolafe, B. (2020). Remittances inflow and the economy.Economic outlook, Vanguard.
Retrieved Saturday 4 2023
Mintah, I. S. And Nikoi, A. N. (2015).Impact of migrant remittance on socio-economic
development of Ghana.Developing Country Studies, 5(14), 104-111.
National Bureau of Statistics NBS (2021). Six out of every 100 Nigerian households receive
remittance Accessed http://nigerianstat.gov.ng Retrieved 2 March 2023
Nyeadi, J. D., Yidana, N. and Imoro, M. (2014).Remittances and economic growth nexus:
Empirical evidence from Nigeria,
Senegal and Togo.International Journal of Academic Research in Business and Social Sciences, 4(10), 158-172.
Odiba, E. (2016). Identity and culture of the Nigerian diaspora in the United Kingdom, Benue
Journal of Social Science, 4(2), 91-107.
Odozi, J.C, Awoyemi T.T. Omonona, B.T. (2010). Household poverty and inequality: The
implication of migrants’ remittances in Nigeria,
Journal of EconomicPolicy Reform, 13(2): 191-199.
Okodua, H. (2010). Workers’ remittances and economic growth in chosen Sub-Saharan
African countries. Department of economics and development studies, Covenant university, Nigeria. Thesis/ Dissertation
Rajan, A. Subramanian O. (2005). Impact of Remittances on Poverty and Financial
Development in Sub. From
(Retrieved on 2 March 2023).
Roberts, D. (2006). The developmental impact of remittances on Caribbean economies: The
Case of Guyana. Economic and Social Review 44(1), 133-150
Sander, C. (2003). Migrant Remittances to Developing Countries: A Scoping Study,
Overview and Introduction to Issues for Pro-Poor Financial Services Development (DFID), Bannock Consulting.
Stark, O. (1984). “Migration Decision Making”.A Review Article.Journal of Development
Economics 14: 251-259
Statistica, (2023).Value of Remittance Inflow to Nigeria from 2010-2022 from
www.statista.com Retrieved 2 March 2023
Taiwo, S. H. (2007). Remittances inflow: A potential sources of economic development for
Nigeria. Publication of the Central Bank of Nigeria, 31 (4), 18-35.
United Nations Department of Economic and Social Affairs, Population Division (2020).
InternationalMigration 2020 Highlights (ST/ESA/SER.A/452).
Vanguard, (2017). “15 million Nigerians in Diaspora” — Dabiri-Erewa, s.l.: s.n.
World Bank (2013).Migration and remittances.Factbook 2013, 2nd edition. Washington
DC:
World Bank Group. (2016). World Development Indicators.Washington DC: International
Bank for Reconstruction and Development/The World Bank. Retrieved from https://openknowledge.worldbank.org/bitstream/handle/10986/23969/978146480 6834.pdf
World Bank (2017).World Development Indicators.
World Bank (2022), Migration and Remittances: Recent Development Outlook. Migration
and Development Brief 29, World Bank, WA, DC
Refbacks
- There are currently no refbacks.
Copyright (c) 2023 Muhammad Ribadu Ayuba
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
ISSN (Print): 2695-2319
ISSN (Online): 2695-2327
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.