Page 20 - CITN 2017 Journal

and immaterial support to the numerous self-help organisations that migrants have
established with the aim of promoting development or establishing development
projects in sending countries.

From the study, education is both social as well as economic investment since it enhances
the stock of human capital. The role of education as a social infrastructure and as a
stimulant of growth and development can be enhanced only if it is qualitatively provided.
Qualitative education is a major determinant of the stock of human capital. It has proved to
be the vehicle for national transformation in human history and no nation ever rises above
her investment in education.

Similarly, health is a very important argument in the socio-economic production function.
A popular adage says that a sound mind usually resides in a healthy body. Health is one of
the major determinants of labour productivity and efficiency. Public health deals with the
environment in which economic activities take place. In fact a conducive environment
would be permissive of accelerated growth and development.
(i) Thus, given the positive relationship between our social infrastructure (education
and health) and migrant remittance, it is recommended that government
expenditure on these variables should be increased to the minimum of 15% of
annual fiscal budget on education as recommended by UNESCO. Some
advanced countries spend more than 15% of their GDPs on education and yet,
education still remains in the front burner of national debate on their development
priorities.
(ii) Furthermore, the option of “Co-development” can be explored. Some nations of
the European Union (France and, more recently, Italy and Spain) have designed
country-specific policies of co-development, which are based on migrants'
potential development contributions to their places of origin with the support of
the developed nations. Co-development seeks to promote productive activities
through remittances; educate migrants and encourage their return to their places of
origin; involve migrants in cooperation projects; educate and guide potential
emigrants in places of origin; promote the creation of bridges between
communities of origin in the South and those who have emigrated to the North;
This can be considered as a further strategy to harness the rich potentials of migrant
remittances.

In summary, migrant remittances are an important source of finance for the country. It
helps to smoothen incomes and contribute greatly to development of human and social
capital. Evidently, recipients of migrant remittances tend to be better off than peers who do
not receive remittances while at the macro level, the national economy significantly
benefits from higher foreign exchange reserves and generally positive effects on their
balance of payments.

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