Analysis of the Major Determinants of Remittances to Nigeria: 1990 – 2019

Dr Victor O. Okoye and Kenechukwu J. Nwisienyi
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Dr Victor O. Okoye: School of Financial Studies, Department of Banking and Finance, Federal Polytechnic Oko Anambra State, Nigeria
Kenechukwu J. Nwisienyi: School of Financial Studies, Department of Banking and Finance, Federal Polytechnic Oko Anambra State, Nigeria

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 3, 69-76

Abstract: The study investigated the major determinants of remittances to Nigeria from 1990 to 2019. The study adopted the least square method for this purpose. A dummy variable was introduced in the model to represent the effect of the COVID-19 pandemic. The result showed that inflation and real effective exchange rate are statistically insignificant and so have no effect on remittances. The parameter for the COVID-19 pandemic also came out insignificant in the study. This shows that the pandemic hasn’t really affected the host countries as at 2019. Broad money supply and unemployment rate were statistically significant with remittances with coefficients of 0.675 and -1.377 respectively. The result showed that, within the period under study, broad money supply and unemployment rate were major determinants of remittance inflows to Nigeria. The study recommends, amongst other things, that more research on the subject matter should be done to determine the extent of influence of the COVID-19 pandemic on remittances as the pandemic is still ravaging the world.

Date: 2022
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