FINANCIAL SECTOR DEVELOPMENT, FINANCIAL ACCESS, AND ECONOMIC DEVELOPMENT IN NIGERIA IN THE PRESENCE OF STRUCTURAL BREAKS
- Okoiarikpo Benjamin Okoi1
- Eugene Okoi Ifere1
- Patrick Mbang Usang1
- Francis Edet Ekpenyong
- Chukwuedo Susan Oburota
- Ismael Adeyemi Salami
- Ofem Lekam Ujong
- Pamela Eno-Obong Eyo
- ( paper pages. 97-126 )
Abstract
This study investigates the effect of financial sector
development and financial access on economic growth in Nigeria from 1981 to
2023. It utilizes economic growth and human capital development as indices of
economic development, the Zivot and Andrews unit root test to take into account
structural breaks in financial sector development, and the Auto-Regressive
Distributed Lag (ARDL) model. The results reveal that financial sector
development only affects economic growth in Nigeria in the long run, while its
structural break only impacts economic growth in the short run. Financial
sector development and its structural break also only affect human capital
development in the short run, while the impact of financial access on human
capital development is limited to the short run. Based on these results, the
study recommends that the CBN carry out a review of its financial development
and access policies to take into account the infrastructure challenges in the
country, while improving the coverage of its financial literacy programmes
Citation
Okoiarikpo Benjamin Okoi1, Eugene Okoi Ifere1, Patrick Mbang Usang1, Francis Edet Ekpenyong, Chukwuedo Susan Oburota, Ismael Adeyemi Salami, Ofem Lekam Ujong, Pamela Eno-Obong Eyo.
2026.
"FINANCIAL SECTOR DEVELOPMENT, FINANCIAL ACCESS, AND ECONOMIC DEVELOPMENT IN NIGERIA IN THE PRESENCE OF STRUCTURAL BREAKS"
The Nigerian Journal of Economic and Social Studies,
68 (1): 97-126.
