Migration of persons has increased with time due to easy access to more information about better opportunities in other countries and faster means of moving over long distances. This paper critically studies the economic effects of migration as it affects the individual, the sending and receiving countries. Therefore, this study adopted the theory of transnationalism in explaining the movement of people and its economic effects. One of the major problems of migration in Africa is that of brain-drain and the negative effects on the already exploited economies that continues to make them dependent on developed countries. Migration if not properly addressed does pose a lot of challenges that sometimes require the joint efforts of two or more nations due to its transnational nature. This is because catering for asylum seekers, refugees and even internally displaced persons places obligations on international organisations and countries not directly affected. Even though there are many reasons that cause people to move from where they have been residing either voluntarily or against their wish, all such migrations ultimately impacts on the economic fortunes of all concerned. So that some people’s lives improve while others encounter more pains and uncertainties due to their status as refugees, legal or illegal migrants. The study employed qualitative analysis of data gotten from secondary sources such as books, journals, newspapers and the internet. It recommends that governments of should engage effective planning and efficient running of the economy to reduce the number of highly skilled human resources that regularly leave the country.