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Papers by Benedict Alechenu

The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian eco... more The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian economy. In 2018, migrant remittances to Nigeria were 24.3billion,representing6.124.3 billion, representing 6.1% of gross domestic product. This figure represents 83% of the Federal Government budget in 2018 and 11 times the Foreign Direct Investment (FDI) flows in same period. Remittances are the fastest growing source of foreign exchange earnings in Nigeria. Hence in March 2021, as part of its reforms to boost the inflow of foreign currency in the country, the Central Bank of Nigeria (CBN) introduced an incentive of N5 for every 24.3billion,representing6.11 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy. Remittances, or money transfers, make up the second-largest source of foreign exchange receipts after oil revenue in Nigeria, Africa's biggest economy. $24.8billion was sent to Nigeria in 2019, according to the World Bank data.

The World economic activities were brought to a standstill in late 2019 through 2020 without a si... more The World economic activities were brought to a standstill in late 2019 through 2020 without a single gunshot but caused by a global pandemic called "Covid-19". Sadly, the root causes or origin of this pandemic is yet unknown despite all efforts by the World Health Organisation and other relevant authorities. Covid-19 has caused an unquantifiable economic damage more than expected in South Africa. It affected all facets of its economic system ranging from stock market, tourism industry, production industry e-tal. Global demand for South African export products fell by 14% of its GDP in the Q2 of 2020. Most major economies in the World lost more than 4% of their gross domestic product in 2020 and many countries entered recession due to the covid-19 pandemic. This pandemic has caused both hyperinflation and high rate of unemployment in South Africa. Data from 1960 shows that the second quarter of 2020 experienced a greater fall in GDP than the annualised decline of 6.1% in the first quarter of 2009 during the global financial crisis and was "far steeper than the annualised 8.2% decline in the fourth quarter of 1982". Overall, South African economy is still bedevilling/suffering from the collateral damages caused by covid-19 pandemic.

The birth of African Continental Free Trade agreement which came into effect on the 1 st of Janua... more The birth of African Continental Free Trade agreement which came into effect on the 1 st of January 2021, has a huge positive impact on the continent. The implementation has brought about enormous economic growth in African countries. African Continental Free Trade agreement is the World largest trade bloc since the creation of World Trade Organisation in 1994. It has united 1.3billion people and with annual trade potential of over $4trillion. The implementation of AfCFTA has increased the movement of people across the subregion ahead of the planned/envisaged introduction of continental passport. In all paradigms, AfCFTA has unlocked the growth and development potentials tied down for decades. This is a gigantic step toward the actualisation of the four-cardinal principle/pillar laid down by the founding fathers of the African Union, which are: Economic, political, social, and technological integration. The unity of African countries depends solely on their economic integration brought about by the implement of AfCFTA. This is the vehicle that will take African continent out of the abject poverty, under-development, and low standard of living. The free trade agreement is a win-win for all the African countries. It has boosted, trading activities, production capacity, employment aggregate and income gains on the continent.

London Journal of Social Sciences, 2021

Eurasian Journal of Higher Education, 2022

This study investigated the effects of Government debt to the GDP of the 3 selected African Count... more This study investigated the effects of Government debt to the GDP of the 3 selected African Countries and the negativity on their economy using data from 2012-2020. The provable/empirical results showed that debt effects enhanced growth only on a short term and hindered growth in the long term. Debt servicing has negative impacts on the borrower country’s economy because It takes a large benefit from the domestic economy to transfer to the foreign economy. Therefore, the country foregoes some spectacular multiplier accelerator effects. Debt servicing, including interest payments and repayments, may also be a real leakage from an indebted country. The study suggested that government should channel the borrowed funds on both infrastructural development and the productive base of the economy, that will improve long-term economic growth, expand the revenue base, and strengthen the capacity to repay outstanding debts when due. Government should put in place a debt management mechanism th...

London Journal of Social Sciences, 2021

The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian eco... more The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian economy. In 2018, migrant remittances to Nigeria were 24.3billion,representing6.124.3 billion, representing 6.1% of gross domestic product. This figure represents 83% of the Federal Government budget in 2018 and 11 times the Foreign Direct Investment (FDI) flows in same period. Remittances are the fastest growing source of foreign exchange earnings in Nigeria. Hence in March 2021, as part of its reforms to boost the inflow of foreign currency in the country, the Central Bank of Nigeria (CBN) introduced an incentive of N5 for every 24.3billion,representing6.11 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy. Remittances, or money transfers, make up the second-largest source of foreign exchange receipts after oil revenue in Nigeria, Africa's biggest economy. $24.8billion was sent to Nigeria in 2019, according to the World Bank data.

London Journal of Social Sciences, 2021

The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian eco... more The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian economy. In 2018, migrant remittances to Nigeria were 24.3billion,representing6.124.3 billion, representing 6.1% of gross domestic product. This figure represents 83% of the Federal Government budget in 2018 and 11 times the Foreign Direct Investment (FDI) flows in same period. Remittances are the fastest growing source of foreign exchange earnings in Nigeria. Hence in March 2021, as part of its reforms to boost the inflow of foreign currency in the country, the Central Bank of Nigeria (CBN) introduced an incentive of N5 for every 24.3billion,representing6.11 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy. Remittances, or money transfers, make up the second-largest source of foreign exchange receipts after oil revenue in Nigeria, Africa's biggest economy. $24.8billion was sent to Nigeria in 2019, according to the World Bank data.

The World economic activities were brought to a standstill in late 2019 through 2020 without a si... more The World economic activities were brought to a standstill in late 2019 through 2020 without a single gunshot but caused by a global pandemic called "Covid-19". Sadly, the root causes or origin of this pandemic is yet unknown despite all efforts by the World Health Organisation and other relevant authorities. Covid-19 has caused an unquantifiable economic damage more than expected in South Africa. It affected all facets of its economic system ranging from stock market, tourism industry, production industry e-tal. Global demand for South African export products fell by 14% of its GDP in the Q2 of 2020. Most major economies in the World lost more than 4% of their gross domestic product in 2020 and many countries entered recession due to the covid-19 pandemic. This pandemic has caused both hyperinflation and high rate of unemployment in South Africa. Data from 1960 shows that the second quarter of 2020 experienced a greater fall in GDP than the annualised decline of 6.1% in the first quarter of 2009 during the global financial crisis and was "far steeper than the annualised 8.2% decline in the fourth quarter of 1982". Overall, South African economy is still bedevilling/suffering from the collateral damages caused by covid-19 pandemic.

The birth of African Continental Free Trade agreement which came into effect on the 1 st of Janua... more The birth of African Continental Free Trade agreement which came into effect on the 1 st of January 2021, has a huge positive impact on the continent. The implementation has brought about enormous economic growth in African countries. African Continental Free Trade agreement is the World largest trade bloc since the creation of World Trade Organisation in 1994. It has united 1.3billion people and with annual trade potential of over $4trillion. The implementation of AfCFTA has increased the movement of people across the subregion ahead of the planned/envisaged introduction of continental passport. In all paradigms, AfCFTA has unlocked the growth and development potentials tied down for decades. This is a gigantic step toward the actualisation of the four-cardinal principle/pillar laid down by the founding fathers of the African Union, which are: Economic, political, social, and technological integration. The unity of African countries depends solely on their economic integration brought about by the implement of AfCFTA. This is the vehicle that will take African continent out of the abject poverty, under-development, and low standard of living. The free trade agreement is a win-win for all the African countries. It has boosted, trading activities, production capacity, employment aggregate and income gains on the continent.

London Journal of Social Sciences, 2021

Eurasian Journal of Higher Education, 2022

This study investigated the effects of Government debt to the GDP of the 3 selected African Count... more This study investigated the effects of Government debt to the GDP of the 3 selected African Countries and the negativity on their economy using data from 2012-2020. The provable/empirical results showed that debt effects enhanced growth only on a short term and hindered growth in the long term. Debt servicing has negative impacts on the borrower country’s economy because It takes a large benefit from the domestic economy to transfer to the foreign economy. Therefore, the country foregoes some spectacular multiplier accelerator effects. Debt servicing, including interest payments and repayments, may also be a real leakage from an indebted country. The study suggested that government should channel the borrowed funds on both infrastructural development and the productive base of the economy, that will improve long-term economic growth, expand the revenue base, and strengthen the capacity to repay outstanding debts when due. Government should put in place a debt management mechanism th...

London Journal of Social Sciences, 2021

The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian eco... more The purpose of this paper is to assess the huge impact of Diaspora remittance on the Nigerian economy. In 2018, migrant remittances to Nigeria were 24.3billion,representing6.124.3 billion, representing 6.1% of gross domestic product. This figure represents 83% of the Federal Government budget in 2018 and 11 times the Foreign Direct Investment (FDI) flows in same period. Remittances are the fastest growing source of foreign exchange earnings in Nigeria. Hence in March 2021, as part of its reforms to boost the inflow of foreign currency in the country, the Central Bank of Nigeria (CBN) introduced an incentive of N5 for every 24.3billion,representing6.11 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy. Remittances, or money transfers, make up the second-largest source of foreign exchange receipts after oil revenue in Nigeria, Africa's biggest economy. $24.8billion was sent to Nigeria in 2019, according to the World Bank data.

London Journal of Social Sciences, 2021