FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA
Access to financial services at affordable rate is one of the major concerns of financial inclusion in both advanced and developing nation around the globe since the subject matter is considered as a key driver for economic growth acceleration. This paper sought to empirically examine how financial...
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| Format: | Article |
| Language: | English |
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Kwara State University, Malete Nigeria
2024-01-01
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| Series: | Malete Journal of Accounting and Finance |
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| Online Access: | https://majaf.com.ng/index.php/majaf/article/view/114 |
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| author | Majeed Ajibola IBRAHIM Olawale DADA Kayode Abdul-Ganiyu AKANBI Lateef Kayode JAJI |
| author_facet | Majeed Ajibola IBRAHIM Olawale DADA Kayode Abdul-Ganiyu AKANBI Lateef Kayode JAJI |
| author_sort | Majeed Ajibola IBRAHIM |
| collection | DOAJ |
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Access to financial services at affordable rate is one of the major concerns of financial inclusion in both advanced and developing nation around the globe since the subject matter is considered as a key driver for economic growth acceleration. This paper sought to empirically examine how financial inclusion variables (financial deepening, access to finance, saving mobilization and liquidity ratio) contribute to economic growth in Nigeria (2008-2022). Data for the study were collected secondarily from Statistical Bulletins of the Central Bank of Nigeria (C.B.N.) and Federal Office of Statistics (F.O.S.). Specifically, data consisting of economy and bank parametric which include GDP, financial deepening represented by (FD1 and FD2), Total loan and advances of the deposit money banks (LA), Total Deposit of the deposit money banks (TD) and Liquidity ratio (LQR) of deposit money banks spanning about twenty five-year period; 2008 to 2022 were extracted. OLS regression analysis was adopted, and the entire outcomes of the regression analysis indicates a positive relationship exist between the financial inclusion and economic growth in Nigeria given cognizance to the reported coefficients on each of the adopted variables. Therefore, it was recommended that financial regulators should request for comprehensive and adequate policy guidance that will encourage financial inter-mediation across board as this will no doubt foster economy growth.
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| format | Article |
| id | doaj-art-9f5211df281e4acb92b7ce464eb0f5ff |
| institution | Kabale University |
| issn | 2735-9603 |
| language | English |
| publishDate | 2024-01-01 |
| publisher | Kwara State University, Malete Nigeria |
| record_format | Article |
| series | Malete Journal of Accounting and Finance |
| spelling | doaj-art-9f5211df281e4acb92b7ce464eb0f5ff2025-02-10T23:06:27ZengKwara State University, Malete NigeriaMalete Journal of Accounting and Finance2735-96032024-01-0141FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIAMajeed Ajibola IBRAHIM0Olawale DADA1Kayode Abdul-Ganiyu AKANBI2Lateef Kayode JAJI 3Federal College of Land Resources Technology, Kuru, JosFederal Cooperative College, Ibadan, NigeriaKwara State Polytechnic, Ilorin, NigeriaFederal Cooperative College, Ibadan, Nigeria Access to financial services at affordable rate is one of the major concerns of financial inclusion in both advanced and developing nation around the globe since the subject matter is considered as a key driver for economic growth acceleration. This paper sought to empirically examine how financial inclusion variables (financial deepening, access to finance, saving mobilization and liquidity ratio) contribute to economic growth in Nigeria (2008-2022). Data for the study were collected secondarily from Statistical Bulletins of the Central Bank of Nigeria (C.B.N.) and Federal Office of Statistics (F.O.S.). Specifically, data consisting of economy and bank parametric which include GDP, financial deepening represented by (FD1 and FD2), Total loan and advances of the deposit money banks (LA), Total Deposit of the deposit money banks (TD) and Liquidity ratio (LQR) of deposit money banks spanning about twenty five-year period; 2008 to 2022 were extracted. OLS regression analysis was adopted, and the entire outcomes of the regression analysis indicates a positive relationship exist between the financial inclusion and economic growth in Nigeria given cognizance to the reported coefficients on each of the adopted variables. Therefore, it was recommended that financial regulators should request for comprehensive and adequate policy guidance that will encourage financial inter-mediation across board as this will no doubt foster economy growth. https://majaf.com.ng/index.php/majaf/article/view/114Economic GrowthFinancial Inclusion |
| spellingShingle | Majeed Ajibola IBRAHIM Olawale DADA Kayode Abdul-Ganiyu AKANBI Lateef Kayode JAJI FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA Malete Journal of Accounting and Finance Economic Growth Financial Inclusion |
| title | FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA |
| title_full | FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA |
| title_fullStr | FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA |
| title_full_unstemmed | FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA |
| title_short | FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA |
| title_sort | financial inclusion as a paradox for economic growth in nigeria |
| topic | Economic Growth Financial Inclusion |
| url | https://majaf.com.ng/index.php/majaf/article/view/114 |
| work_keys_str_mv | AT majeedajibolaibrahim financialinclusionasaparadoxforeconomicgrowthinnigeria AT olawaledada financialinclusionasaparadoxforeconomicgrowthinnigeria AT kayodeabdulganiyuakanbi financialinclusionasaparadoxforeconomicgrowthinnigeria AT lateefkayodejaji financialinclusionasaparadoxforeconomicgrowthinnigeria |