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Internet Usage, Financial Inclusion and Economic Growth in Nigeria

Babatunde Wasiu Adeoye and Raymond Osi Alenoghena ()
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Babatunde Wasiu Adeoye: University of Lagos, Department of Economics, Akoka, Lagos, Nigeria
Raymond Osi Alenoghena: University of Lagos, Department of Economics, Akoka, Lagos, Nigeria

Ovidius University Annals, Economic Sciences Series, 2019, vol. XIX, issue 2, 2-12

Abstract: This study investigates the relationship between internet usage, financial inclusion and economic growth in Nigeria for the period 1999 to 2016. Using the time series data for the period, the study utilizes Engle Granger Cointegration Test and the Fully Modified Ordinary Least Squares (FMOLS) approach for analysis. The results showed that Internet usage and broad money have positive and significant effect on financial inclusion. Also, Internet usage has positive and significant effect on economic growth in Nigeria. However, the effect of financial inclusion on economic growth is negative, minimal and insignificant. Furthermore, the effect of the interacted coefficient of internet usage and financial inclusion on economic growth is positive, minimal and insignificant. Hence, the positive effect of internet usage on economic growth in Nigeria is not transmitted through the mechanism of financial inclusion. We recommend that government should strengthen and improve on the positive gains of internet usage on the economy. Also, the monetary authority should take measures to encourage the drive for more savings to improve financial inclusion and ensure that investment by government is channeled into more productive areas to improve the economy.

Keywords: Internet usage; financial inclusion; economic growth; cointegrating regression; Nigeria (search for similar items in EconPapers)
JEL-codes: O30 O40 G20 (search for similar items in EconPapers)
Date: 2019
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