Impact of Financial Intermediation on Economic Growth in Nigeria

Innocent Odiniya Alhassan, Willy Nelson Ogoja, Ekadi Ebikiwenimo Hannah and Williams Blessing Nkemakonam
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Innocent Odiniya Alhassan: Lecturer Department of Accounting, School of Management Sciences, Federal Polytechnic, Ekowe, Bayelsa State
Willy Nelson Ogoja: Lecturer Department of Accounting, School of Management Sciences, Federal Polytechnic, Ekowe, Bayelsa State
Ekadi Ebikiwenimo Hannah: Lecturer Department of Banking and Finance, School Of Management Sciences, Federal Polytechnic, Ekowe, Bayelsa State
Williams Blessing Nkemakonam: Federal Polytechnic Ekowe, Bayelsa State

International Journal of Research and Scientific Innovation, 2022, vol. 9, issue 6, 70-78

Abstract: This study examined the impact of financial intermediation on economic growth in Nigeria. Secondary data was collected from Central Bank of Nigeria Statistical Bulletin and Financial statement. The specific objectives of the study were to; ascertain the impact of fixed deposit on economic growth in Nigeria, to determine the impact of savings on economic growth in Nigeria, to ascertain the impact of current account on economic growth in Nigeria, to determine the impact of deposit money banks credit on small scale enterprises on economic growth in Nigeria. The research design was ex-post facto research design, and the study used multiple regression analysis. The results revealed that fixed deposits do not have any significant impact on economic growth in Nigeria, Savings significantly impact economic growth in Nigeria, Current accounts has significant impact on economic growth in Nigeria, deposit money banks credit to small scale enterprises does not significantly impact on economic growth in Nigeria. Thus, we conclude that financial intermediation influenced economic growth positively and significantly in Nigeria. Recommendations were that banks should be more efficient in mobilizing and allocating funds to entrepreneurs in the real sector. The regulatory authorities should perpetually take measures to free the banking sectors to avoid any form of shock on the system

Date: 2022
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