Main Article Content
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.
Keywords
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References
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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
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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
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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/
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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
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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
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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
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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
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