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International Remittance Inflows and Import Spending in Nigeria

Abstract This study examined the historical trends of remittances and import spending in Nigeria to determine the possible aftermaths of COVID-19 pandemic. Time series data for the period 1977-2019 was used in a VAR model. Result indicates that a unit shock on remittances accounts for about 28% variation in import demand in the second period. Migrant’s remittances and GDP per capita show a weak endogenous relationship. Remittances tend to be stable and not affected by the exchange rate. Thus, import demand may not reduce significantly due to fall in remittances as a consequence of COVID-19. Therefore, improved industrial expansion in the production of goods and services are essential in curtailing aggregate import demand.