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Ayewumi Ezonfade Fredrick
Department of Banking and Finance, Faculty of Management Sciences, Delta State University, Abraka, Nigeria
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Dynamics of Remittances and Economic Development in Nigeria Ayewumi Ezonfade Fredrick; Anastasia Chi-chi Onuorah; Casmir Chinemerem Osuji
Review of International Economic, Taxation, and Regulations Vol. 1 No. 1 (2025): February
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/rietr.v1i1.60

Abstract

This study adopts a bird’s-eye perspective to examine the dynamics of remittances within the Nigerian migration context. Drawing on multiple theoretical frameworks, it explores the relationship between remittance inflows and economic development using secondary data from the Central Bank of Nigeria and the National Bureau of Statistics for the period 1994–2023. Key variables include workers’ remittances per capita, gross capital formation, consumer price index, foreign direct investment, exchange rate, and the human capital development index. Using an error correction mechanism, the study finds a significant positive relationship between remittance inflows and human capital development, suggesting that a 1% increase in remittances may lead to a 44.9% rise in economic development. However, remittances from foreign direct investment (t = 0.741, p = 0.477), gross capital formation (t = 0.598, p = 0.564), and consumer price index (t = 0.214, p = 0.836) show no statistically significant effect on economic development. The study recommends that remittance-receiving countries like Nigeria implement robust macroeconomic policies such as stable exchange rates, improved infrastructure, and market integration to create an enabling environment for sustained growth. By offering empirical insights into how various remittance-related factors impact economic development, this study contributes to the literature and addresses a notable research gap in the Nigerian context.
Quantitative Assessment of Foreign Direct Investment (FDI) and Its Contribution to Employment Growth Ayewumi Ezonfade Fredrick; Okoro Godsday Edesiri
Review of International Economic, Taxation, and Regulations Vol. 1 No. 2 (2025): May
Publisher : CV. Proaksara Global Transeduka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70865/rietr.v1i2.73

Abstract

The research analysed the impact of foreign direct investment on employment growth through quantitative assessment.   A retrospective research design was employed to explore this relationship, focussing on the Nigerian economy.   Data from the Central Bank of Nigeria Statistical Bulletin and World Bank Indicators spanning from 1998 to 2023 were utilised for the study.   Various statistical tests such as descriptive, correlation, heteroskedasticity, and multicollinearity were conducted using E-Views 9.0. Ordinary Least Squares regression was used to analyse the influence of different factors on employment in Nigeria. Findings indicate that despite GDP growth, employment gains in the Nigerian economy remain insufficient. FDI inflows are not translating into job creation, likely because investments are focused on capital-intensive sectors. Labor force participation is not leading to more employment, indicating a lack of job opportunities and structural unemployment issues. Manufacturing output does not significantly boost employment, reflecting challenges in the industrial sector. The study recommends that, Nigeria needs policies that encourage foreign direct inflows into labor-intensive sectors and inclusive growth strategies that prioritize employment creation, such as: Boosting labor-intensive industries like agriculture, manufacturing, and construction. Investing in technical education and skill acquisition to match labor demand. Encouraging SMEs and entrepreneurship, which are major job creators.
Co-Authors Anastasia Chi-chi Onuorah Casmir Chinemerem Osuji Okoro Godsday Edesiri