Financial Development and Entrepreneurship Growth in Nigeria

Justin Ogbonna Linus, Faith Chidinma Lawal, Rasheed Azeez, Sunday O Okafor and Ifeanyi Ozioma Patricia
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Justin Ogbonna Linus: Department of Business Administration Southwestern University, Nigeria
Faith Chidinma Lawal: Department of Banking and Finance University of Nigeria
Rasheed Azeez: Department of Industrial relations and human resource Management. Lagos State University, Nigeria
Sunday O Okafor: Teesside University International Business School, Middlesbrough, England
Ifeanyi Ozioma Patricia: Federal College of Agriculture, Ishiagu

International Journal of Research and Scientific Innovation, 2025, vol. 12, issue 3, 922-931

Abstract: This study investigates the response of entrepreneurship to financial development using Nigeria as the geography of interest. The study deployed relevant estimation techniques especially the autoregressive distributed lag model with entrepreneurship growth as the dependent variable and bank development, institutional development and insurance sector development as the independent variables. It was found that bank and institutional development positively and significantly affect entrepreneurship growth while insurance sector growth negatively affects entrepreneurship growth. This implies that while bank development and institutional development drive entrepreneurship growth, insurance sector development inhibits growth. This study is a significant contribution to the role funding plays in driving business activities especially in the informal sector.

Date: 2025
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