IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF FINANCE AND INVESTMENT RESEARCH (WJFIR )

E-ISSN 2550-7125
P-ISSN 2682-5902
VOL. 8 NO. 5 2024
DOI: 10.56201/wjfir.v8.no5.2024.pg106.116

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Effect of Diaspora Remittances on Nigeria’s Per Capita Income and Gross Domestic Product

Nangih, Efeeloo Ph.D, Diepriye Bail

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Abstract

The aim of the study was to establish the effect of diaspora remittances on Nigeria’s per capita income and gross domestic product. The study was anchored on the theory of tempered altruism. It adopted the ex post facto research approach. The data used in this study were obtained from Central Bank of Nigeria's Bulletin and the World Bank sources from 2010 to 2023. Data analysis was done using descriptive statistics, correlation and regression models. The results revealed as follows: diaspora remittance has a significant positive effect on per capita income in Nigeria. This is in line with the a priori expectation, implying that an increase in remittances will also enhance per capita income. Further, diaspora remittances showed a significant positive effect on GDP in Nigeria. It was concluded that diaspora remittance is very paramount to Nigeria’s economic development. Based on the findings and conclusion, it was recommended that the Federal Government should provide the enabling environment for diaspora remittances to be channeled properly; since it is a major contributor to the economy.

keywords:

Diaspora remittances, Economic growth, Gross Domestic Product, Per capita

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