Foreign Remittance and Economic Growth in Nigeria: An Empirical Survey

Abstract

In this research, an empirical survey was done to evaluate the link between international remittances and economic growth using Nigeria as our case of interest. The link between international remittances inflow, foreign portfolio investment, foreign direct investment, and economic growth of Nigeria was extensively analysed. The survey research design was chosen and employed for this specific inquiry. In this research, the Nigerian economy functioned as the population of interest. Between the years 1990 and 2022, a total of 33 years were covered by the data that was acquired. The Fully Modified Ordinary Least Squares (FMOLS) was then employed in order to conduct the analysis on the data that was received, and the tool that was utilised was EViews 9. According to the results of the research, there is a strong positive association between the inflow of international remittances, foreign portfolio investment, foreign direct investment, and economic progress in Nigeria. According to the findings of the study, the Nigerian government and its policymakers should take into consideration the possibility of harmonising the nation's economic policies in order to better stimulate and facilitate international remittances, foreign portfolio investment, and foreign direct investment. They should encourage, diversification in sources of foreign investment, implement initiatives that enhance financial inclusion, making it easier for remittances to reach a broader population and have a more widespread impact and invest in infrastructure projects that can leverage foreign direct investment for economic development.