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Digital Finance as a Catalyst for Sustainable Development in Nigeria

Author

Listed:
  • Habeeb Olayiwola
  • Samson Sanyaolu

Abstract

This study used quarterly data from 2009 to 2023 to examine the nexus between digital finance and sustainable development in Nigeria. Ex post facto research design was used in this research. One dimension of sustainable development was considered in this study. This dimension was proxied by CO2 tons per capita (measure of environmental sustainability). The number of commercial bank branches (NOB), Webpay (VWPAY), Automated Teller Machine (VATM), Point of Sale (VPOS), Mobile Payment (VMP), and individual access to the internet (IDT) were used as proxies for digital finance. The World Development Indicators and the Central Bank of Nigeria (CBN) statistical bulletin served as the sources of data. Estimation techniques include descriptive and correlation analyses, Autoregressive Distributed Lag (ARDL) and Error Correction Model (ECM). Hence, the findings indicate both short- and long-term period of interactions exist between digital finance and sustainable development in Nigeria. As a results, the ECM confirmed that short run disequilibrium was corrected in the long run at 35%. The study concluded that digital financial instruments played significant roles in achieving sustainable development in Nigeria. It was therefore recommended among others, that the apex bank should provide sufficient digital finance directives to all financial institutions to adapt, embrace, and shift to digital technology in order to achieve sustainable development in Nigeria.

Suggested Citation

Handle: RePEc:air:journl:v:13:y:2026:i:4:p:497
DOI: 10.22034/ijmae.2026.540166.1833
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