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Re-examining the link between financial structure and economic growth in Nigeria: An empirical investigation

Matthew Gidigbi ()

BizEcons Quarterly, 2019, vol. 5, 3-21

Abstract: This paper re-examined the link between financial structure and economic growth in Nigeria. It sets to identify the prevailing financial structure in Nigeria and the link between the financial structure and economic growth in the face of expansion in the financial organisation size and depths. The paper used annual data from the Central Bank of Nigeria and the World Bank Development Indicators, covering the period of 1981 to 2017. The study adopted a Cobb-Douglas production function form model and applied autoregressive distributed lagged (ARDL) regression. The paper found out that bank-based intermediary is the prevailing financial structure in Nigeria. Also, financial structure contributed positively to outputs in Nigeria within the period investigated. The study recommends that the banking sector should be developed in such a way that it would promote the development of the capital market, and continual development of the banking sector should be maintained.

Keywords: Economic growth; Capital productivity; Financial market; Financial structure (search for similar items in EconPapers)
JEL-codes: E44 O16 O40 (search for similar items in EconPapers)
Date: 2019
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