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Financial Reform and Economic Development
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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
Economies 2016, 4(4), 26; https://doi.org/10.3390/economies4040026
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)
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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