The Impact of Migration on Economic Growth in Nigeria: Evaluating the Role of Macroeconomic Policies
1 Sola, Oluwagbenle (Ph.D); 2 Ojo Rufus Olawumi (PhD); 3 Olusesan Samuel Afolabi (Ph.D)This study examined the relationship between migration and economic growth in Nigeria using annual time series data spanning from 1981 to 2022. The study employed Johansen Co-integration and Vector Error Correction Mechanism. The findings showed that the variables in the study were co-integrated affirming the existence of long-run relationship among the variables. The results revealed that migration (MIG) has a positive and significant impact on economic growth in Nigeria compared with Foreign Direct Investment (FDI) which has no significant impact on economic growth. Conversely, Trade Openness (TRO) has a negative and insignificant impact on economic growth whereas Government Expenditure (GOV) also has a positive and insignificant impact on economic growth in Nigeria. The paper concludes that migration positively impacts economic growth in Nigeria. This implies that migration enhances labor market flexibility by filling labor gaps and addressing skill shortages leading to increased economic output. This result also affirms that migration could contribute to gross domestic product (GDP) growth through consumption and production in the host country. The outcome of the study also implies that migration can result in human capital transfer as skilled migrants can bring new skills, knowledge, innovation and expertise to the host country by boosting output and impacting the economy positively. In the light of this, the study recommends that migration should be facilitated through safe and legal channels as this step will enhance integration and quicker adjustment of migrants to the new labor market in the host country for improved productivity and sustainable economic growth with empirical evidence from Nigeria.