Insurance Development and Economic Growth: An Examination of the Non-Bank Financial Institutions in Nigeria

David Okelue Ugwunta and Uche Boniface Ugwuanyi

International Journal of Financial Research, 2019, vol. 10, issue 2, 16-26

Abstract: This paper determined the effect of the development of non-bank financial institutions on Nigeria¡¯s economic growth. Time series data, spanning a period of forty-one years, from 1970-2010 obtained from the Central Bank of Nigeria statistical bulletin were tested for stationarity. To measure the relationship and the impact of the explanatory variables on economic growth, the paper adopted a generic regression equation. Results suggest that total trade; investments of the insurance sector in financial asset; and insurance premiums have a high, positive and direct relationship with economic growth. Overall, our findings revealed that the focal variables insurance sector investment in financial assets; and insurance sector premiums significantly contribute to the economic growth of Nigeria.

Keywords: economic growth; insurance; financial assets; premium (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciedu.ca/journal/index.php/ijfr/article/view/14934/9215 (application/pdf)
http://www.sciedu.ca/journal/index.php/ijfr/article/view/14934 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jfr:ijfr11:v:10:y:2019:i:2:p:16-26

DOI: 10.5430/ijfr.v10n2p16

Access Statistics for this article

International Journal of Financial Research is currently edited by Gina Perry

More articles in International Journal of Financial Research from International Journal of Financial Research, Sciedu Press
Bibliographic data for series maintained by Gina Perry ().