Title: Transnational Remittances of Nigerians Abroad and Human Capital Development, 2010-2020
Authors: Mba, Alex Obiora , Prof. Nwanolue B.O.G., Prof. Alumona Ikenna M.
Volume: 9
Issue: 6
Pages: 426-434
Publication Date: 2025/06/28
Abstract:
Nigerians in diaspora frequently send money home to their friends, family members and relatives on yearly bases, thus maintaining significant informal financial connections with the home country in the form of remittances. However, some specific components in the domestic economy such as market conditions, role of domestic policies, resource endowments, the ease and cost of foreign exchange have impacted greatly on national economic development despite the volumes of remittances and transnational ties maintained by migrants in foreign countries. Hence, there is still a mixed agreement among scholars on the gains of pan-African labour mobility and its capacity to facilitate the transfer of skills and technology in Nigeria over the years. The economic gains of transnational migration in Nigeria are thus underpinned by the capacity to fill labour market gaps, promote trade and investment and bring innovation, skills and knowledge as well as household empowerment. This study therefore examines Transnational Remittances of Nigerians Abroad and Human Capital Development. The study adopted qualitative methods of data collection and analysis and the transnational migration theory as framework of analysis. The findings showed that transnational migrant's remittances did not improve household income and poverty levels in Nigeria between 2010 and 2020. The study recommended that the Nigerian Ministry of Finance and the Central Bank of Nigeria should develop attractive and favourable policy conditions in order to create conducive business environment that will encourage the use of remittances on social investments by Nigerian migrants.