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Abstract
Nigeria is a developing nation with a population of over 200 million. Of this aggregate, approximately 106 million are aged 18 years and above. Of this adult population, 70 million live in rural areas, and many do not have adequate access to relevant financial products and services. The proportion of individuals and firms that use or have access to financial services can be referred to as financially inclusive. This study analyzes the impact of financial inclusion and domestic investment on Nigeria’s financial development. Multiple regression analysis was employed in this study which spanned over the period, 1982-2021. The empirical results reveal that financial inclusion and domestic investment have positive impacts on financial development; however, domestic investment has a more significant impact to a larger extent. The study recommended that policies should be directed towards creating a more inclusive financial system to improve the current level of financial inclusion to achieve better financial development in Nigeria. This study concludes that governments should formulate policies that boost financial inclusion and investment to deepen the level of financial development in the economy.
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References
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References
Abbas, S., Sohag, K., & Suleman, S. (2023). Income from international tourism and domestic investment in South Asia: Evidence from heterogeneous panel econometrics. Current Issues in Tourism, 26(11), 1845–1860. https://doi.org/10.1080/13683500.2022.2071681
Adedeji, Y. M. D., & Olotuah, A. O. (2012). An evaluation of accessibility of low-income earners to housing finance in Nigeria. European Scientific Journal, 8(12), 80–95. https://www.idosi.org/aejsr/7(1)12/5.pdf
Adeola, O., & Evans, O. (2017). Financial inclusion, financial development, and economic diversification in Nigeria. The Journal of Developing Areas, 51(3), 1–15. https://doi.org/10.1353/jda.2017.0057
Adepoju, A. (1981). Military rule and population issues in Nigeria. African Affairs, 80(318), 29–47. https://www.jstor.org/stable/721429
Adu, G., Marbuah, G., & Mensah, J. T. (2013). Financial development and economic growth in Ghana: Does the measure of financial development matter? Review of Development Finance, 3(4), 192–203. https://doi.org/10.1016/j.rdf.2013.11.001
Agbese, P. O. (1992). With fingers on the trigger: The military as custodian of democracy in Nigeria. Journal of Third World Studies, 9(2), 220–253. https://www.jstor.org/stable/45197260
Akanbi, O. A. (2012). Role of governance in explaining domestic investment in Nigeria. South African Journal of Economics, 80(4), 473–489. https://doi.org/10.1111/j.1813-6982.2012.01320.x
Alene, A. D. (2010). Productivity growth and the effects of R&D in African agriculture. Agricultural Economics, 41(3–4), 223–238. https://doi.org/10.1111/j.1574-0862.2010.00450.x
Ali, M., Nazir, M. I., Hashmi, S. H., & Ullah, W. (2022). Financial inclusion, institutional quality and financial development: Empirical evidence from OIC countries. The Singapore Economic Review, 67(1), 161–188. https://doi.org/10.1142/S0217590820420084
Allen, F., Carletti, E., Cull, R., Qian, J. Q., Senbet, L., & Valenzuela, P. (2014). The African financial development and financial inclusion gaps. Journal of African Economies, 23(5), 614–642. https://doi.org/10.1093/jae/eju015
Anthony-Orji, O., Orji, A., Ogbuabor, J., & James, E. (2019). Financial inclusion and monetary policy shocks nexus in Nigeria: A new empirical evidence. Journal of Academic Research in Economics, 11(2), 364–388. http://www.jare-sh.com/downloads/jul_2019/orji2.pdf
Anthony-Orji, O., Orji, A., Ogbuabor, J., Mba, P., & Onwe, I. (2021). Financial inclusion and financial stability in Nigeria: A new empirical evidence. Journal of Xi’an Shiyou University, Natural Science Edition, 17(12), 138–160. https://www.xisdxjxsu.asia/V17I12-17-1.pdf
Asamoah, G. N. (2008). The impact of the financial sector reforms on savings, investments and growth of gross domestic product (GDP) in Ghana. International Business & Economics Research Journal (IBER), 7(10), Article 10. https://doi.org/10.19030/iber.v7i10.3302
Asif, M., Khan, K. B., Anser, M. K., Nassani, A. A., Abro, M. M. Q., & Zaman, K. (2020). Dynamic interaction between financial development and natural resources: Evaluating the ‘Resource curse’ hypothesis. Resources Policy, 65, 101566. https://doi.org/10.1016/j.resourpol.2019.101566
Beck, T. (2016, November 21). Financial Inclusion – Measuring progress and progress in measuring. Fourth IMF Statistical Forum “Lifting the Small Boats: Statistics for Inclusive Growth.” https://www.imf.org/external/np/seminars/eng/2016/statsforum/pdf/beck_paper.pdf
Borensztein, E., De Gregorio, J., & Lee, J.-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135. https://doi.org/10.1016/S0022-1996(97)00033-0
Brownbridge, M. (1998). Financial distress in local banks in Kenya, Nigeria, Uganda and Zambia: Causes and implications for regulatory policy. Development Policy Review, 16(2), 173–188. https://doi.org/10.1111/1467-7679.00057
Central Bank of Nigeria. (2018). National financial inclusion strategy (Revised). Central Bank of Nigeria.
Dacanay, J., Nito, B., & Buensuceso, P. (2011, July 13). Microfinance, financial inclusion and financial development: An empirical investigation with an international perspective. MSKE 2011- II International Conference on Managing Services in the Knowledge Economy. https://www.researchgate.net/publication/216506808_Microfinance_Financial_Inclusion_and_Financial_Development_An_Empirical_Investigation_with_an_International_Perspective
Dash, R. K. (2022). Do remittances crowd-in or crowd-out domestic investment? An empirical analysis of 24 low-income countries. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-022-00948-5
De Gregorio, J., & Guidotti, P. E. (1995). Financial development and economic growth. World Development, 23(3), 433–448. https://doi.org/10.1016/0305-750X(94)00132-I
Dries, L., & Swinnen, J. F. M. (2004). Foreign direct investment, vertical integration, and local suppliers: Evidence from the Polish dairy sector. World Development, 32(9), 1525–1544. https://doi.org/10.1016/j.worlddev.2004.05.004
Enhancing Financial Innovation & Access (EFInA). (2022, November 24). EFInA Report on MSME financing. EFInA: Enhancing Financial Innovation and Access. https://efina.org.ng/publication/efina-report-on-msme-financing/
Evans, O. (2015). The effects of economic and financial development on financial inclusion in Africa. Review of Economics and Development Studies, 1(1), 21–32. https://doi.org/10.26710/reads.v1i1.113
Gloukoviezoff, G. (2007). From financial exclusion to overindebtedness: The paradox of difficulties for people on low incomes? In L. Anderloni, M. D. Braga, & E. M. Carluccio (Eds.), New frontiers in banking services: Emerging needs and tailored products for untapped markets (pp. 213–245). Springer. https://doi.org/10.1007/978-3-540-46498-3_6
Han, R., & Melecky, M. (2013). Financial inclusion for financial stability: Access to bank deposits and the growth of deposits in the global financial crisis (SSRN Scholarly Paper No. 2312982). https://papers.ssrn.com/abstract=2312982
Ibekwe, A. O., Anusui, A. O., & Ibekwe, A. I. (2021). Financial inclusion and entrepreneurship development in Nigeria. JOURNAL OF EMERGING TRENDS IN MANAGEMENT SCIENCES AND ENTREPRENEURSHIP, 3(1), Article 1. https://metatags.io/
IHS Global Inc. (2022). EViews 12 University Edition for Windows. IHS Global Inc.
Iyoboyi, M., & Muftau, O. (2014). Impact of exchange rate depreciation on the balance of payments: Empirical evidence from Nigeria. Cogent Economics & Finance, 2(1), 923323. https://doi.org/10.1080/23322039.2014.923323
Kama, U., & Adigun, M. (2013a). Financial inclusion in Nigeria: Issues And challenges [Occasional Paper No. 45]. Central Bank of Nigeria. https://www.cbn.gov.ng/out/2014/rsd/occasional%20paper%20no.%2045%20issues%20and%20challenges.pdf
Kama, U., & Adigun, M. (2013b). Financial inclusion in Nigeria: The journey so far. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2365209
Kapingura, F. M. (2018). Relationship between foreign capital flows, domestic investment and savings in the SADC region. Development Southern Africa, 35(4), 554–568. https://doi.org/10.1080/0376835X.2018.1487279
Kapsos, S., & Bourmpoula, E. (2013). Employment and economic class in the developing world (No. 994855123402676; ILO Working Papers No. 6). International Labour Office. https://www.ilo.org/wcmsp5/groups/public/---dgreports/---inst/documents/publication/wcms_216451.pdf
Karanja, T. W. (2020). Effect of financial inclusion on financial development in Kenya [Thesis, School of Business , University of Nairobi]. http://erepository.uonbi.ac.ke/handle/11295/154644
Keynes, J. M. (2017). The general theory of employment, interest and money: With the economic consequences of the peace (D. M. G. Spencer & T. Griffith, Eds.). Wordsworth Editions. (Original work published 1936)
Koku, P. S. (2015). Financial exclusion of the poor: A literature review. International Journal of Bank Marketing, 33(5), 654–668. https://doi.org/10.1108/IJBM-09-2014-0134
Krumer-Nevo, M., Gorodzeisky, A., & Saar-Heiman, Y. (2017). Debt, poverty, and financial exclusion. Journal of Social Work, 17(5), 511–530. https://doi.org/10.1177/1468017316649330
Lenka, S. K. (2022). Relationship between financial inclusion and financial development in India: Is there any link? Journal of Public Affairs, 22(S1), e2722. https://doi.org/10.1002/pa.2722
Mbutor, M. O., & Uba, I. A. (2013). The impact of financial inclusion on monetary policy in Nigeria. Journal of Economics and International Finance, 5(8), 318–326. https://doi.org/10.5897/JEIF2013.0541
National Bureau of Statistics. (2021). Selected banking sector data: Sectorial breakdown of credit, epayment channels and staff strength (Q4 2020). National Bureau of Statistics. https://nigerianstat.gov.ng/elibrary/read/1241018
Nkoro, E., & Uko, A. K. (2016). Autoregressive Distributed Lag (ARDL) cointegration technique: Application and interpretation. Journal of Statistical and Econometric Methods, 5(4), 63–91. https://www.scienpress.com/Upload/JSEM/Vol%205_4_3.pdf
Obioha, E. E. (2016). Role of the military in democratic transitions and succession in Nigeria. International Journal of Social Sciences and Humanity Studies, 8(1), 251–268. https://dergipark.org.tr/tr/pub/ijsshs/issue/26211/275967
Odugbesan, J. A., Ike, G., Olowu, G., & Adeleye, B. N. (2022). Investigating the causality between financial inclusion, financial development and sustainable development in Sub‐Saharan Africa economies: The mediating role of foreign direct investment. Journal of Public Affairs, 22(3). https://doi.org/10.1002/pa.2569
Okere, K. I., Ogbulu, O. M., Onuoha, F. C., & Ogbodo, I. (2021). What drives the energy consumption mix in Nigeria? The role of financial development, population age groups, urbanization and international trade: insight from ARDL Analysis. OPEC Energy Review, 45(2), 161–190. https://doi.org/10.1111/opec.12193
Olugbenga, A. A., & Grace, O. O. (2015). Impact of foreign direct investment on Nigerian capital market development. International Journal of Academic Research in Accounting, Finance and Management Sciences, 5(1), 136–144. https://doi.org/10.6007/IJARAFMS/v5-i1/1503
Onaolapo, A. R. (2015). Effects of financial inclusion on the economic growth of Nigeria (1982-2012). International Journal of Business and Management Review, 3(8), 11–28. http://www.eajournals.org/wp-content/uploads/Effects-of-Financial-Inclusion-on-the-Economic-Growth-of-Nigeria-1982-2012.pdf
Orji, A., Ogbuabor, J. E., Okolomike, C. F., & Anthony-Orji, O. I. (2022). Capital inflows, financial development and growth in ECOWAS countries: A new empirical insight. Applied Econometrics and International Development, 22(1), 61–80. http://www.usc.es/~economet/reviews/aeid2214.pdf
Orji, O. I. A., Orji, A., Ogbuabor, J. E., & Nwosu, E. O. (2019). Do financial stability and institutional quality have impact on financial inclusion in developing economies? A new evidence from Nigeria. International Journal of Sustainable Economy, 11(1), 18. https://doi.org/10.1504/IJSE.2019.096541
Osuji, C. C., & Chigbu, E. E. (2012). An evaluation of financial development and economic growth of Nigeria: A causality test. Kuwait Chapter of Arabian Journal of Business and Management Review, 1(10), 27–44. https://www.arabianjbmr.com/pdfs/KD_VOL_1_10/3.pdf
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