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Economies 2016, 4(4), 26; doi:10.3390/economies4040026

The Impact of Financial Development on Economic Growth in Nigeria: An ARDL Analysis

Department of Economics, Abia State University, P.M.B. 2000, Uturu, Nigeria
Academic Editor: Helmi Hamdi
Received: 3 August 2016 / Revised: 1 October 2016 / Accepted: 25 October 2016 / Published: 7 November 2016
(This article belongs to the Special Issue Financial Reform and Economic Development)
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Abstract

This study empirically examines the relationship between financial intermediary development and economic growth in Nigeria over the period 1981–2011 using the auto-regressive distributed lag (ARDL) approach to co-integration analysis. The results show that the relationship between financial development and economic growth in Nigeria is not significantly different from what has been observed generally in oil-dependent economies. The relationship between financial intermediary development and economic growth in Nigeria is found to be insignificantly negative in the long-run and significantly negative in the short-run. The results highlight the dominant role of the oil sector in economic activities in Nigeria. View Full-Text
Keywords: financial development; economic growth; oil price; oil-dependent economies; Nigeria; ARDL financial development; economic growth; oil price; oil-dependent economies; Nigeria; ARDL
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Iheanacho, E. The Impact of Financial Development on Economic Growth in Nigeria: An ARDL Analysis. Economies 2016, 4, 26.

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