DIASPORA REMITTANCES AND GROWTH OF THE AGRICULTURAL SECTOR IN NIGERIA

Chukunalu Mgbomene

Journal of Academic Research in Economics, 2024, vol. 16, issue 2 (July), 387-402

Abstract: This research work focused on diaspora remittances and growth of the agricultural sector in Nigeria. Annual time series data on workers remittances, migrant remittances, foreign direct investment and exchange rate were employed in the research. Using econometric techniques (error correction model and the vector auto regression model), the research found that workers remittances, migrant remittances and FDI have increased the output of the agricultural sector in Nigeria. Exchange rate decreased the inflow of official remittances to the agricultural sector. The study concluded that for the period 1990 – 2022, remittances had enhanced the output of the agricultural sector with migrant remittances having the most effect. Thus, the main recommendations was that government should pursue the unified exchange rate policy, intensification and sustenance of the inflow of remittances to the agricultural sector through the provision of a formal channel for Nigerian workers and migrants to send in monies into Nigeria without rigorous hurdles.(C12,F24,Q14).

Keywords: Agricultural sector; exchange rate; foreign direct investment; remittances. (search for similar items in EconPapers)
JEL-codes: F24 N57 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:shc:jaresh:v:16:y:2024:i:2:p:387-402

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