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Money matters a lot: empirical analysis of financial development, financial inclusion and economic growth in Nigeria

Author

Listed:
  • Onyinye I. Anthony-Orji
  • Anthony Orji
  • Jonathan E. Ogbuabor
  • Lucy C. Uka

Abstract

One of the core macroeconomic goals in every economy is the pursuit of growth which relies on an economy's ability to accelerate the accumulation rates of financial, human and physical capital, and effectively enable the access of the entire population to these assets. This study therefore, analysed the impact of financial development and financial inclusion on economic growth in Nigeria from 1981-2019. Adopting the classical linear regression modelling technique, the results showed that financial development and financial inclusion have significant positive impact on economic growth in Nigeria. The study therefore recommended that government should make policies that would enable financial intermediaries mobilise funds more efficiently and also make these funds accessible and affordable to individuals (even at the lowest segments of the society), businesses, as well as other productive sectors of the economy. This is how financial development and financial inclusion will continue to enhance growth in Nigeria.

Suggested Citation

  • Onyinye I. Anthony-Orji & Anthony Orji & Jonathan E. Ogbuabor & Lucy C. Uka, 2023. "Money matters a lot: empirical analysis of financial development, financial inclusion and economic growth in Nigeria," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 17(1), pages 100-117.
    • Handle: RePEc:ids:ijepee:v:17:y:2023:i:1:p:100-117
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    Citations

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    Cited by:

    1. Wang, Fei & Liu, Xiaoyan, 2023. "Resources extraction and geopolitical risk: A novel perspective of World's biggest economies," Resources Policy, Elsevier, vol. 85(PA).
    2. Jiahao Shen & Runze Liu & Yanling Lin & Ridwan Lanre Ibrahim, 2023. "Technological advancement and regulatory quality," African Development Review, African Development Bank, vol. 35(4), pages 336-350, December.
    3. Cao, Lansheng & Gu, Ming & Jin, Ding & Wang, Changyan, 2023. "Geopolitical risk and economic security: Exploring natural resources extraction from BRICS region," Resources Policy, Elsevier, vol. 85(PB).

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