Human Capital Development, Labour Migration and Remittance Inflows: Evidence From The Nigerian Economy
DOI:
https://doi.org/10.70861/ujed20250202003Keywords:
Human Capital Development, Remittance inflow, Migration, Panel Autoregressive Distributed LagAbstract
With increasing level of globalization and labour mobility across international borders, capital transfers and remittances are substantially deepened in affected economies. This development could open the space for higher level of economic growth in several economies. The main objective of this paper is to examine the asymmetric nexus among these variables, to establish the impact of human capital development, labour migration and remittances on the growth of the Nigerian economy from the period of 1990 to 2024. The paper was indebted to Autoregressive Distributed Lag (ARDL) model as an estimation technique. Data were sourced from the Central Bank of Nigeria Statistical bulletin and the World Bank Development Indicator (WDI). From the result, it was revealed that human capital development as captured by HDI, and rremittances Inflows positively and significantly impact on economic growth in the short run. The coefficient of the Error Correction Mechanism (ECM) was properly signed and significant.Thus, the shocks generated by the explanatory variables can be corrected to restore equilibrium and the adjustment process demonstrates the dynamics existing between dependent and the independent variables. It revealed that about 62 percent of the previous year shocks in economic growth is offset every 12months. It is therefore recommended that the human capital should well developed since the quality of human capital enhances the inflow of remittances and consequently economic growth.
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