Economics, Econometrics and Finance
4 years ago

Financial deepening in Nigeria fails to impact economic growth, calls for policy reform.

Asian Journal of Advanced Research and Reports
Effect of Financial Deepening on Economic Growth in Nigeria: A Time Series Appraisal (1986-2018)
Paschal Chikwado Nwakobi, Dorothy Chioma Oleka, Amalachukwu Ananwude

Paper Summary

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Financial deepening does not directly impact economic growth in Nigeria. Instead, the level of economic growth drives development in the banking sector. To boost the Nigerian economy, policies should focus on strengthening the banking sector, capital markets, and insurance industry. Removing obstacles to competition and protecting market participants are crucial for growth.