MIGRATION AND REMITTANCE: IMPLICATION FOR ECONOMIC DEVELOPMENT IN AFRICA

Abstract

The potential gain and loss of migration have been a recent issue of debate among academics and policymakers. Hence, this study examined the implication of remittance and migration in Africa. The study was based on the Neo-classical theory of migration and Harrod-two-gap and Domar's model. The study employed secondary data that span from 2000 to 2020 which was analyzed using the Random effect and generalized Method of Moment when the variables were found not to be cointegrated. The result revealed that remittance has a negative and substantial impact on economic development while migration had a positive and substantial impact on economic development. The economic development of African countries was also found to be a function of official development, population growth, and secondary school enrolment. It is therefore recommended that the management of migrant funds sent home must be handled with prudence. The creation of a favourable environment through political stability and security should be prioritized to attract more development aid and a favorable environment for investors to reap the benefits of increased migrant remittances in a globalized global economy.