Assessment of Financial Deepening on the Growth of Nigerian Economy: 1990-2016

Echekoba Felix Nwaolisa () and Ubesie Madubuko Cyril ()

Journal of Contemporary Research in Business, Economics and Finance, 2019, vol. 1, issue 2, 16-29

Abstract: This study was on the assessment of financial deepening on the growth of Nigerian -economy 1990¬-2016. The main objective of this study is to evaluate the effect of private sector credit, money supply and market capitalization on economic growth in Nigeria. The sources of data for this study are CBN statistical Bulletin and National Bureau of Statistics. The data obtained were analyzed using ordinary least square regression (OLS). The result of the analyses showed that the three independent variables of the study all have significant effect on Nigerian financial deepening. It was therefore recommended that policy makers should consider reducing impediments to liquidity in the stock market, easing restrictions on international capital and entry into the market to ensure that more companies are listed, policies aimed to reduce the high incidence of non performing credits to ensure that private sector credits are channeled to the real sector of the economy and monetary authorities should implement policies that increase the flow of investible funds and improves the capacity of banks to extend credit to the economy as this will make broad money supply and private sector, to significantly impact on economic growth in Nigeria.

Keywords: Financial deepening; Growth (search for similar items in EconPapers)
Date: 2019
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