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Financial reforms, interest rate behaviour and economic growth in Nigeria

Author

Listed:
  • Tomola M. Obamuyi
  • Sola Olorunfemi

Abstract

The paper examines the implications of financial reform and interest rate behaviour on economic growth in Nigeria. The cointegration and error correction model were used on time series data from 1970-2006. The results demonstrate that financial reform and interest rates have significant impact on economic growth in Nigeria. The results imply that the behaviour of interest rate is important for economic growth in view of the empirical nexus between interest rates and investment, and investment and growth. The study recommends that government must embark on growth enhancing financial reform and be sensitive to the behaviour of interest rates for overall economic growth in the country.

Suggested Citation

  • Tomola M. Obamuyi & Sola Olorunfemi, 2011. "Financial reforms, interest rate behaviour and economic growth in Nigeria," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 1(4), pages 1-2.
    • Handle: RePEc:spt:apfiba:v:1:y:2011:i:4:f:1_4_2
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    Citations

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    Cited by:

    1. Oyakhilome Ibhagui, 2020. "Financial Reforms, Capital Investment and Financial Intermediation in China," South Asian Journal of Macroeconomics and Public Finance, , vol. 9(1), pages 58-86, June.
    2. Clement Moyo & Pierre Le Roux, 2019. "Interest Rate Reforms and Economic Growth in SADC Countries: The Savings and Investment Channel," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 66(4), pages 507-523, December.
    3. Abiola Ayopo Babajide & Lawal Adedoyin Ishola & Adetiloye Kehinde Adekunle & Bede Uzoma Achugamonu & Akinjare Victoria Bosede, 2021. "Financial Sector Reform and Economic Development in Nigeria," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 11(2), pages 160-172, February.
    4. Ngozi Adeleye & Evans Osabuohien & Ebenezer Bowale & Oluwatoyin Matthew & Emmanuel Oduntan, 2018. "Financial reforms and credit growth in Nigeria: empirical insights from ARDL and ECM techniques," International Review of Applied Economics, Taylor & Francis Journals, vol. 32(6), pages 807-820, November.
    5. Adegoke, Temitope Damilola & Azeez, Bolanle Aminat (Ph.D) & Ogiamien, Fidelis Omoruyi, & Osasona, Viscker Adedeji,, 2021. "The Relationship between Interest Rate and Economic Growth in Nigeria: ARDL Approach," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(7), pages 350-355, July.
    6. Adegoke, Temitope Damilola & Azeez, Bolanle Aminat (Ph.D), & Ogiamien, Fidelis Omoruyi, & Osasona, Viscker Adedeji,, 2021. "The Relationship between Interest Rate and Economic Growth in Nigeria: ARDL Approach," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(07), pages 350-355, July.
    7. Moyo, Clement & Le Roux, Pierre, 2018. "Interest rate reforms and economic growth: the savings and investment channel," MPRA Paper 85297, University Library of Munich, Germany.
    8. Karimo, Tamarauntari M., 2015. "The Impact of Economic Liberalization Policy on Performance of the Nigerian Industrial Sector - L’impatto della politica di liberalizzazione economica sulla performance del settore industriale in Nige," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 68(2), pages 229-257.
    9. Anthony Orji & God'stime Osekhebhen Eigbiremolen & Jonathan Emenike Ogbuabor, 2014. "Impact of Financial Liberalization on Private Investment: Empirical Evidence from Nigerian Data," Review of Economics & Finance, Better Advances Press, Canada, vol. 4, pages 77-86, May.
    10. Amir Iqbal & Xuan Tang & Samma Faiz Rasool, 2023. "Investigating the nexus between CO2 emissions, renewable energy consumption, FDI, exports and economic growth: evidence from BRICS countries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(3), pages 2234-2263, March.
    11. Funso T. Kolapo & Lawrence B. Ajayi & Olufemi A. Aluko, 2016. "How is Size Related to Profitability? Post-Consolidation Evidence from Selected Banks in Nigeria," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 5(4), pages 30-38, July.
    12. Jeroh Edirin & C. M. Ekwueme, 2015. "Interest Rate Regime And The Performance Of The Nigerian Capital Market," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 22.

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