INVESTIGATING THE CAUSAL ASSOCIATION BETWEEN REMITTANCES AND ECONOMIC GROWTH IN NIGERIA
- Abigail G. Adeyonu and Emmanuel I. Ajudua
- ( paper pages. 429 - 456 )
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.
Citation
Abigail G. Adeyonu and Emmanuel I. Ajudua.
2024.
"INVESTIGATING THE CAUSAL ASSOCIATION BETWEEN REMITTANCES AND ECONOMIC GROWTH IN NIGERIA"
The Nigerian Journal of Economic and Social Studies,
66 (3): 429 - 456.
