This study compares the impact of migration on rural employment in Nigeria and India from 2005 to 2023, exploring its impact on the global economy. Using a dynamic panel Generalized Method of Moments (GMM) model with the Arellano-Bond estimator, the analysis covers 34 observations across two countries, sourced from the World Bank, Nigeria’s National Bureau of Statistics, and India’s Periodic Labour Force Survey. Rural employment rate is the dependent variable, with migration rate as the key independent variable, alongside controls for rural population, foreign direct investment (FDI), and agricultural output. Findings indicate that, a 1% increase in migration reduces rural employment by 1.5% (p < 0.05), driven by labor supply declines in Nigeria (1.2% to 1.6%) and India (0.4% to 0.55%). Rural population and agricultural output positively influence employment, while FDI shows a negative effect due to urban bias. Globally, Nigeria’s remittances (6% of GDP) and India’s urban productivity enhance international labor markets and supply chains, contributing to a $2 trillion economy. Policy recommendations include rural job creation through agricultural technology, economic zones in India, remittance-funded entrepreneurship in Nigeria, and FDI targeting rural development.