INVESTIGATING THE CAUSAL ASSOCIATION BETWEEN REMITTANCES AND ECONOMIC GROWTH IN NIGERIA

Adeyonu, A. G. INVESTIGATING THE CAUSAL ASSOCIATION BETWEEN REMITTANCES AND ECONOMIC GROWTH IN NIGERIA. Nigerian Journal of Economic and Social Studies. pp. 429-456.

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Abstract

This study examined the nexus between remittances and economic growth in Nigeria from 1985 to 2023. The data employed in the study were gotten from the World Development Indicators (WDI) and the Central Bank of Nigeria (CBN) Statistical Bulletin. The data were analysed using the Auto-Regressive Distributed Lag (ARDL) model as well as the Error Correction Model (ECM). The results of the models show that remittances had an inverse association with economic growth both in the long and short runs. In the long and short runs, trade openness had a positive significant association with economic growth. While exchange rates had an inverse relationship with economic growth in the long run only, gross fixed capital formation exerted a positive effect on growth in the short run only. It is concluded that remittances, exchange rates, trade openness, and gross fixed capital formation caused economic growth in Nigeria.

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