Article Details
Vol. 4 No. 2 (2024): July
Determinants of brain drain in Nigeria: Does financial inclusion matter?
Abstract
Purpose: Nigeria has witnessed a substantial emigration of educated and skilled workers to other countries in the quest for greener pastures. Developing nations, such as Nigeria, with a recognizable number of highly educated and skilled individuals with an attitude to work to earn a living, are potentially exposed to brain drain syndrome, which is inimical to economic prosperity struggles. Hence, this study investigated whether financial inclusion is a determinant of brain drain in Nigeria.
Method: Quantitative methods were used in this study, employing ARDL-ECM regression to analyze both short- and long-run relationships among the variables. Data were collected from the International Monetary Fund, Nigeria Bureau of Statistics, and the Central Bank of Nigeria (2003–2022).
Results: The study established that Gross Domestic Product per Capita, ATMs per 100,000 Adults, Deposits with Commercial Banks % to GDP and Political Stability have a negative relationship with Brain Drain in Nigeria, whereas unemployment, bank credit to the private sector, and government efficiency have a positive relationship with brain drain.
Limitations: The study was limited to Nigeria, and the findings may not be generalizable to other countries.
Contributions: This study contributes to the field of finance in terms of financial inclusion matters and to the Nigerian government by identifying the determinants of brain drain in Nigeria.
Novelty: This study added financial inclusion as a determinant of brain drain in Nigeria, which other existing studies have not covered.
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References
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