2019•Unpublished venueRequires access

NEXUS BETWEEN FINANCIAL SECTOR DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA

Harrison Vincent, Suleiman A. S. Aruwa, Gimba John Toro

Abstract

This study evaluates the nexus between financial sector development and economic growth in Nigeria for the period 1986 to 2016. Secondary data were extracted from Central Bank of Nigeria statistical bulletin 2016. The dependent variable is Economic growth which was proxy by GDP and the independent variable is financial sector development which was proxy by credit to private sector and market capitalization while inflation rate as control variable. Expo-facto research design was thus used. The study applied multiple regression model of analysis using Eview statistical package version 8. It was found that financial sector development has positive and significant relationship with economic growth in the period of study. The study recommends that Central Bank of Nigeria (CBN) ensure effective compliance with its credit control policy which direct credit to more productive private sector activities and the Securities and Exchange Commission formulating strategies to deepen the Nigerian Stock market.

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Key concepts: Private sector, Financial sector development, Financial system, Nexus (standard), Capitalization, Stock exchange, Business, Proxy (statistics)