Evaluating the Impact of Diaspora Contributions to Economic Growth and Development in Nigeria: A Housing Finance and Infrastructure Perspective 1998–2023

Migrant remittances remain a critical contributor to the economic growth and development of many emerging nations like Nigeria. The feasibility study would be useful for financial institutions, migrants, social workers, families, government and non-governmental organizations interested in migrant remittances and home improvement and financing. The study will provide vital information on how the remitted money could be used for housing development and other investment needs that can lead to greater domestic and economic development outcomes across Nigeria. This study utilized the descriptive research design on the field survey involving Nigerians in diaspora involved in various fields of endeavour across different countries. The responses from the study were examined using descriptive statistical analysis as derived from the responses generated through the questionnaires administered on Nigerian emigrants and representatives of randomly selected financial institutions as respondents of the study. The findings suggest a correlation with the survey findings elicited by 78% of respondents willing to utilise diaspora mortgages as a preferred means of home acquisition. The findings with regards to funding needs also aligns with the responses, where 92% and 78% of respondents agreed/strongly agreed that lack of access to mortgage and high interest rates were major factors from their perspective that impacts access to home acquisition and financing in Nigeria. Remittances can have a strong impact on development at both the macro and micro levels, especially because of its multiplier effects when directed to economic activities like housing development and construction. To ensure that remittances are also directed to support housing finance, some recommendations have been made, in order to address the concerns with information asymmetry, it is important to create platforms that increase the accessibility of vital information to Nigerians in the diaspora.