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Article . 2024
License: CC BY
Data sources: ZENODO
ZENODO
Article . 2024
License: CC BY
Data sources: Datacite
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Financial Development and Economic Growth in Nigeria

Authors: OSAYI, Valentine Igbinedion, Ph.D1*, DANJI , Godiya2;

Financial Development and Economic Growth in Nigeria

Abstract

The study examined impact of financial development on economic growth in Nigeria from 1980-2020. The study decomposed financial development into three measurable variables as Financial Institution’s Depth (FID), Financial Institution’s Access (FIA) and Financial Institution’s Efficiency (FIE) while economic growth was measured by Gross Domestic Product (GDP). The study utilized ex post facto research design with secondary data extracted from the Central Bank of Nigeria (CBN) Statistical bulletin for various years and International Monetary Fund (IMF) data base. The said data were analyzed by means of descriptive statistics and multiple regression analysis to provide summary statistics for the variables. The result revealed that financial institution’s depth has a negative significant impact on economic growth in Nigeria with a probability value of 0.0305 and coefficient of -4169.955, financial institution’s access also has positive and significant relationship with economic growth in Nigeria with a probability value of 0.000 and coefficient of 5967.794 while financial institution’s efficiency does not impact on economic growth in Nigeria based a probability value of 0.59907 and coefficient of 74.75227. Flowing from the foregoing statistical findings, the study concluded that financial development has significant impact on economic growth in Nigeria. And the study therefore recommended that financial institutions should strive to enhance the financial depth and financial accessibility given that it positively impacts economic growth.

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  • citations
    This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    0
    popularity
    This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
    Average
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    Average
    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
    Average
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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average