Economic Growth in The Wake of Nigerian Financial System Development: A Model of ARDL Bounds Test

• Author(s): UKPABI Innocent Ogbu ; ONU Calistus ; ABDUL-MALIQ Yekeen
• Paper ID: 1702952
• Page: 85-91
• Published Date: 01-11-2021
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 5 Issue 4 October-2021

Abstract

This paper assessed the relationship between financial system development and economic growth in Nigeria. The ARDL results established short and long run relationship between financial system development and economic growth in Nigeria, 1990-2020. Financial development index (FDI) and money supply (MS) had non-significant positive impact on the Nigerian real GDP. The policy implication depicts that development of the financial system remains a veritable instrument for economic growth in emerging economy like Nigeria. Based on results, researchers recommend that the monetary authority should repeal the financial inclusion secretariat with financial system development secretariat to broaden policies on financial inclusion and entrench financial system depth, access and efficiency, policies on cyber security should be pursued vigorously to afloat contemporary issues in global financial system and plausible monetary tools embraced for optimal money supply in the economy.

Keywords

Economic Growth, the Financial System and Development.

Citations

IRE Journals:
UKPABI Innocent Ogbu , ONU Calistus , ABDUL-MALIQ Yekeen "Economic Growth in The Wake of Nigerian Financial System Development: A Model of ARDL Bounds Test" Iconic Research And Engineering Journals Volume 5 Issue 4 2021 Page 85-91

IEEE:
UKPABI Innocent Ogbu , ONU Calistus , ABDUL-MALIQ Yekeen "Economic Growth in The Wake of Nigerian Financial System Development: A Model of ARDL Bounds Test" Iconic Research And Engineering Journals, 5(4)