ABSTRACT
This chapter examines the consequences of international migration for development in Nigeria in terms of remittances from nationals who have migrated. It discusses the theoretical underpinnings, which include microeconomic theory of income remittances, migrant remittances, economic growth and poverty, determinants and the uses of remittance. A detailed examination of empirical findings is presented next and on direct investment income remittances as they affect the Nigerian economy. The theoretical literature on remittances distinguishes between two motives, altruistic and exchange. There has been a growing literature on how migrant workers' remittances can affect households and some have documented how migrants have contributed to economic and social development in their country of origin. Migrant remittances also serve as a source income for savings and investment and this has been confirmed by Taylor. The chapter concludes with a summary consideration of some policy options which would make for increased benefits from remittances to the Nigerian economy.
