Journal article
Impact of Remittances on Development in Nigeria: Challenges and Prospects
Journal of sociology and social anthropology, Vol.5(3), pp.311-318
10/08/2014
DOI: 10.31901/24566764.2014/05.03.05
Abstract
The recent publications by World Bank revealed Nigeria as the top-remittance receiving country in
Africa and this invariably reflects that more Nigerians live abroad. The Central Bank of Nigeria is uncertain about
the actual amount of money remitted to the country due to its lack of methods to measure informal/unofficial ways
through which remittances enter the country. It is noteworthy that Nigerians abroad were recorded to have
remitted US$10/$21 billion in 2010 and 2013 fiscal year respectively, and this put the country ahead of other
African countries as the most remittances recipient country. Despite the high remittances inflow into Nigeria,
poverty and inequality are still prevalent in Nigeria, and the country is yet to make efficient use of remittances like
other developing countries, such as Philippines and Mexico. This paper compares positive impact of remittances
on development in some developing countries of the world to the impact level of remittances in Nigeria. After
critical evaluation of factors militating against the positive impact of remittances on development in Nigeria in
existing literature, this paper argues that political instability, ineffectiveness of financial sector/business climate,
bureaucracy, corruption, over-reliance on natural resources, as well as non-formulation and implementation of
adequate remittances programmes are some of the factors militating against the developmental impact of remittances
in Nigeria. We therefore recommend that policy makers, particularly those in financial sectors, need to formulate
and implement similar remittance policies like Philippine and Mexico in order to maximise the positive effect of
remittances for human and economic development in the country
Details
- Title: Subtitle
- Impact of Remittances on Development in Nigeria: Challenges and Prospects
- Creators
- Oluwafemi Adeagbo - University of Iowa, Community and Behavioral HealthAyansola Ayandibu
- Resource Type
- Journal article
- Publication Details
- Journal of sociology and social anthropology, Vol.5(3), pp.311-318
- DOI
- 10.31901/24566764.2014/05.03.05
- ISSN
- 0976-6634
- eISSN
- 2456-6764
- Language
- English
- Date published
- 10/08/2014
- Academic Unit
- Community and Behavioral Health
- Record Identifier
- 9984275357902771
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