Dynamics of remittance utilization by Nigerian households

Abstract

The study findings show inflowing remittances to Nigeria are used primarily to subsidize households’ consumption, education and health expenditures. The paper discusses and analyzes the remittance environment, its economic importance, as well as the ‘Diaspora Bonds’ of Nigeria, comparing these to data from other countries. The remittance environment could be further enhanced by financing strategies, including ones that strictly enforce Central Bank of Nigeria (CBN) circulars which articulate general rules on electronic banking, and or the Mexican “Tre por uno/ treporuno” programme. Nigeria is one of the world’s top remittance receiving countries.

Description

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Keywords

REMITTANCES, DIASPORA, BANKING, ECONOMIC IMPLICATIONS, POVERTY ALLEVIATION, FINANCIAL INCENTIVES, HOUSEHOLD INCOME, NIGERIA, SOUTH OF SAHARA

Citation

DOI