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Rivers State University, Port Harcourt.
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| Title: | Effect of Remittances on Economic Growth in Nigeria (1980 – 2017) |
| Author(s): | AMADI Uchechukwu |
| Abstract: | The research examined the effect of remittances on economic growth in Nigeria economy through the period 1980 to 2017. The study utilized the Augmented Dickey Fuller stationarity test, Johanson cointegration test and Error Correction Model to analyze the time series data collected from the CBN and World Bank development indicator. All the variables except consumer price index were stationary at first difference and integrated at order one. The results for the cointegration showed that the variables were cointegrated, implying longrun relationship among them. The Error Correction Mechanism result indicates that foreign direct investment has a positive and significant effect on economic growth while exchange rate has negative but insignificant effect on growth. The result further revealed that remittances have a positive but insignificant effect on economic growth. It was concluded that foreign direct investment contributed positively and effectively to the economic growth in Nigeria. Remittances showed evidence of positive sign but no substantial effect on the economy. It was recommended that remittances should be properly invested in the economy and used as economic tool for growth. |
| Keywords: | Remittances, economic growth, Foreign Direct Investment, Migration, Nigeria |
| Journal: | Economic and Social Science Review (ESR) |
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