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@article{205037,
        author = {Dr. OGUNOYE, Aderounmu Adebayo},
        title = {Remittance and Economic Growth: A Comparative analysis between Nigeria and Uganda},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {13},
        number = {1},
        pages = {5508-5517},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=205037},
        abstract = {In recent years, many developing countries have experienced a high rate of migration to developed countries, resulting in issues like brain drain, inadequate personnel, and reduced economic productivity. As such, the study examined the effect of remittances flow on economic growth in Nigeria and Uganda using a comparative approach from 1986 to 2023. The study employed Johansen Co-integration analysis and Fully Modified Ordinary Least Squares (FMOLS) as method of analysis.
The Johansen co-integration test confirmed a long-run relationship among variables. FMOLS results showed remittances had a positive and significant impact on Nigeria’s economic growth, while Uganda exhibited a significant negative relationship. Inflation and exchange rate negatively impacted economic growth in Nigeria, but exchange rate was insignificant in Uganda. The findings also revealed a significant positive relationship between trade openness and economic growth in both countries. Based on these results, it was concluded that remittance flows contributed to Nigeria’s growth but hindered Uganda’s economy. Therefore, the study recommends Nigeria to diversify its economy beyond remittances, while Uganda to develop a skilled workforce and encourages them to stay.},
        keywords = {Remittances, Trade Openness, Exchange rate, Interest rate, Real Gross Domestic Product, and Fully Modified Ordinary Least Squares},
        month = {June},
        }