AN EMPIRICAL INVESTIGATION OF FINANCIAL INCLUSION AND ECONOMIC GROWTH IN NIGERIA
Abstract
This study examined the relationship between financial inclusion and economic performance in Nigeria using annual time series data from 2000 to 2025. Secondary data were sourced from the World Bank, International Monetary Fund (IMF), Central Bank of Nigeria, and Global Findex. Financial inclusion was measured using two indicators: commercial bank branches per 100,000 adults and financial market development and access, while economic growth was proxied by the GDP growth rate. The analysis was conducted using the Ordinary Least Squares (OLS) method.The results indicate that banking infrastructure has significant positive impacts on economic growth, highlighting the benefits of expanding bank branches in Nigeria. However, financial market participation has no significant impact on economic growth. These results suggested that while expanding banking access yields immediate growth benefits, long-term reforms are pertinent to deepen financial markets. Policy implications include the need to increase the number of banks, enhance financial literacy, integrate digital finance solutions, and implement capital market reforms. The study concludes that a balanced strategy combining improvements in banking access with capital market development is essential for achieving sustainable growth and inclusive development in Nigeria.
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Published in BUSINESS AND FINANCE JOURNAL
ISSN: 988-47876
This article appears in our peer-reviewed academic journal
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