An Analysis of Financial Inclusion and Economic Growth in Nigeria; An ARDL Approach

Kenechukwu J. Nwisienyi and Onyeka A. Obi
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Kenechukwu J. Nwisienyi: School of Financial Studies, Department of Banking and Finance, Federal Polytechnic Oko Anambra State, Nigeria
Onyeka A. Obi: School of Financial Studies, Department of Banking and Finance, Federal Polytechnic Oko Anambra State, Nigeria

International Journal of Research and Innovation in Social Science, 2020, vol. 4, issue 10, 126-134

Abstract: The study investigated the relationship between financial inclusion and the Nigerian economic growth using an annual time series data for the periods 2004 to 2018. The Auto Regressive Distributive Lag bounds test for cointegration and Error Correction model was applied to examine the long run relationship of the variables. The result showed that there is cointegration amongst the variables. The Number of ATMs per 100,000 adults was found to be positively and significantly correlated with economic growth while borrowers from commercial banks per 1000 adults and lending interest rates were significantly negative to economic growth. The study found depositors with banks per 1000 adults to be insignificant. The study recommends, amongst other things, that effective campaign or awareness should be made to increase financial literacy and/or awareness. Again, transaction costs and financial obligations attached to using financial services or products should be reviewed downwards to accommodate the proportion of the population that is poor.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:4:y:2020:i:10:p:126-134

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