THE EMPIRICAL INVESTIGATION OF ACCESS TO FINANCIAL INSTITUTIONS AND FINANCIAL DEVELOPMENT NEXUS IN NIGERIA.

THE EMPIRICAL INVESTIGATION OF ACCESS TO FINANCIAL INSTITUTIONS AND FINANCIAL DEVELOPMENT NEXUS IN NIGERIA.

Simon Odili Ozumba Department of
Banking and Finance, Faculty Of Business
Administration.
University Of Nigeria Enugu Campus
ABSTRACT
This work empirically investigated
accessibility to financial institutions and
financial development nexus in Nigeria.
Access to financial institutions has not
promoted financial development hence
gives less impact long-run economic
growth.This study tries to address the
above problem with the following
objectives.
Basically, this study seeks to explore the
role of financial inclusion on financial
development in the process of economic
growth in Nigeria. However, it is set to
achieve the following other objectives: To
explore the causal relationship between
financial
inclusion
and
financial
development in Nigeria.
To examine the contributions (if any) of
financial sector development to economic
growth in Nigeria.
To investigate the impact of capital market
development on economic growth in
Nigeria.
Data for the variables used were sourced
from Central Bank of Nigeria(CBN) statistical
Bulletin and World
Development Indicators Data Base (WDI).
The Data was analyzed using a multiple
regression analysis models specified based
on hypothesized functional relationship
between financial inclusion and financialBook of Abstract
development, and the Ordinary Least Square
(OLS) regression technique. The Ordinary
Least Square will indicate the relative
importance of the financial inclusion
indicator
variables
specified
acting
concomitantly to cause changes in
dependent variable. The computer software
that would be adopted in the estimation of
the parameters and trolls of analysis will be
the E-VIEWS. It was found amongst others
that financial inclusion has not enhanced
financial development within the period
studied.it is therefore recommended that
financial institutions should enhance their
activities to catalyze financial in Nigeria

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