The Impact of Financial Development on Economic Growth in Nigeria: An ARDL Analysis

Eugene Iheanacho
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Eugene Iheanacho: Department of Economics, Abia State University, P.M.B. 2000, Uturu, Nigeria

Economies, 2016, vol. 4, issue 4, 1-12

Abstract: This study empirically examines the relationship between financial intermediary development and economic growth in Nigeria over the period 1981–2011 using the auto-regressive distributed lag (ARDL) approach to co-integration analysis. The results show that the relationship between financial development and economic growth in Nigeria is not significantly different from what has been observed generally in oil-dependent economies. The relationship between financial intermediary development and economic growth in Nigeria is found to be insignificantly negative in the long-run and significantly negative in the short-run. The results highlight the dominant role of the oil sector in economic activities in Nigeria.

Keywords: financial development; economic growth; oil price; oil-dependent economies; Nigeria; ARDL (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (15)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jecomi:v:4:y:2016:i:4:p:26-:d:82283

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