Page 14 - CITN 2017 Journal

This study used the ordinary least square method to estimate the linear relation between the
dependent variable (social infrastructure depicted as GEH), migrant remittances depicted
as MREM, foreign direct investment (FDI), remittances from export of goods and services
(EGS) and foreign exchange rate (FX). The paper also explores a trend analysis and
descriptive statistics of the growth of migrant remittances in the country particularly in the
aforementioned 36-year period. The study relied on secondary data obtained from various
sources including the central bank of Nigeria (CBN), the Bureau of Statistics, the World
Bank, IMF, etc. The sources of data are considered credible and reliable and that the quality
of data is excellent for the study.

4. RESULT AND DISCUSSION

4.1 Data Presentation and Trend Analysis
Fundamentally, remittances are personal flows from migrants to their friends and families.
Remittance is a transfer from a migrant to an individual in his or her home country. Today,
such remittances, in cumulative term, are now competing with international aid and
foreign direct investments as source of the largest financial inflows to developing
countries. Remittances are playing an increasingly large role in the economies of many
countries, contributing to economic growth and to the livelihoods of less prosperous
people. As a matter of fact, Nigeria has benefitted from migrant remittances from across
th
the entire world becoming the 10 largest recipient of migrant remittance in Sub-Saharan
Africa in 2010.

1 2
TIME SERIES DATA ON MIGRANT REMITTANCES TO NIGERIA 3 4 5 6

THE SAMPLE PERIODS 7 8

Source: Computed by the Authors

Figure 1: The Trend analysis.

Many Nigerians, owing to the prevailing economic hardship and their quest for advanced
education, have migrated to various parts of the globe. In return, they send money to their
respective family members, majorly for educational purpose, health, feeding and other
basic needs. Figure 1 shows the trend of remittance Nigeria has received over the sample
period of 1980 to 2012. No doubt, at a point it fluctuates badly. Between 1980 and 1982, the
migrant remittance was relatively stable but between 1982 and 1988, it rose and fell at the
rate of 14 per cent on the average. This period was associated with the military era and it
was pretty difficult for people to travel out owing to economic hardship. Those already
abroad could not remit funds due to stringent foreign exchange regulation in the country.
However, from 1989 to 1993, there was a sharp increase in the migrant remittance. On the
average, the migrant remittance increased by 60 per cent. These periods were associated
with the military dictatorship of the Babangida era, the political tension and the hardship
experienced as a result of the introduction of SAP. The annulment of the June 12, 1993

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