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Previous studied had identified that migrants' remittances are too weak to stimulate economic growth in emerging economies. It is in the realization of this problem that this study examined the interaction effect of migrants' remittances and financial development on economic from 1986-2019 in Nigeria. The study employed Augmented Dickey-Fuller (ADF) and Phillip Peron (PP) unit root test, Johansen Co-integration and Vector Error Correction Model technique (VECM). Both the ADF and PP indicated that real-GDP, migrants' remittance, financial development index, the interaction of migrants' remittance and financial development index, and trade openness were integrated of order ( = 1). Also, the co-integration relationship was confirmed by the Johansen technique. The VECM confirmed that interaction of migrants' remittance and financial development index and trade openness were directly related to real-GDP; while migrants' remittance inflow was indirectly related to it with their t-statistics (2.21160), (1.82206) , (2.19183) greater than t-values at (t0.05= 2.042) and (t0.1 = 1.697) respectively. Also, financial development index exhibited an inverse relationship but non-significance. This study therefore, concluded that the extent to which migrants' remittances influence economic growth in Nigeria depends on how developed her financial market. It was recommended that the Central bank of Nigeria (CBN) should reduce charges on migrants' remittance inflow to Nigeria in line with other African countries to discourage remittances sending through informal channels. The CBN is also encouraged to improve her regulatory framework such as financial instruments, the payment system, financial services and financial institutions in line with 21 st century standards.
Falade et al. (Sat,) studied this question.
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