Benue State University, Makurdi

REMITTANCES AND ECONOMIC GROWTH IN ECOWAS COUNTRIES

Raymond l. Aor¹, Jerome Andohol² & Naomi O. Doki³

Abstract

In this study we investigated the impact of remittances on economic growth covering 1992-2020 using a 5-year nonoverlapping panel data for 15 ECOWAS countries. The study is anchored on the extended neoclassical growth model, adopting the system generalized method of moment (SGMM) estimation technique on a dynamic linear panel data model to render robust, consistent and efficient estimates. The study find that remittances exhibit a positive but insignificant impact on economic growth within the study period. This holds implications and the need to channel remittances receipts to productive ventures.

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