FINANCIAL INCLUSION: AN EMPIRICAL STUDY ON NIGERIA ECONOMIC DEVELOPMENT

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  • June 22, 2023
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FINANCIAL INCLUSION: AN EMPIRICAL STUDY ON NIGERIA ECONOMIC DEVELOPMENT

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Category : JGIES: Volume 2, Issue 6

FINANCIAL INCLUSION: AN EMPIRICAL STUDY ON NIGERIA ECONOMIC DEVELOPMENT

Ukoh, Josephine Ekperechukwu (PhD)
Department of Banking and Finance
Nnamdi Azikiwe University, Awka
Mail: je.ukoh@unizik.edu.ng

Abstract

This study examined financial inclusion on economic development in Nigeria. From various empirical works reviewed, there is still an insufficient all-inclusive financial system to address the ongoing challenges facing the Nigerian economy which has hindered the promotion of greater inclusion and prosperity for all Nigerians. The study therefore, examines the relationship between money supply and value of ATM/POS transactions and economic development in Nigeria. The study was anchored on Financial Intermediation theory and Great Spurt theory. The  study used data obtained from Central Bank of Nigeria (CBN) and World Bank Indicator and subjected them to Auto Regressive Conditional Heteroskedasticity (ARCH) technique to test the interaction between independent variables; money supply and value of ATM/POS transactions with the dependent variable namely Human Development Index at 5% level of significance. The findings showed that Money Supply significantly explained the variation in Human Development Index in Nigeria and values of ATM/POS transactions have no significant effect or variation in Human Development Index within the period under review in Nigeria. Thus, the study concluded that financial inclusion had mixed effect on economic development in Nigeria. Hence, the study recommended among others that the government should ensure that the credit to the private sector should be channeled such that urban areas who are more of agricultural production and major instigator of industrial materials will help speed up swift economic development in Nigeria.

Keywords: Money supply, ATM/POS transactions and Economic development

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  • May 29, 2023
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AN ANALYSIS OF THE IMPACT OF FISCAL POLICY ON ECONOMIC DEVELOPMENT IN NIGERIA

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Category : AJBED: Volume 3, Issue 5

AN ANALYSIS OF THE IMPACT OF FISCAL POLICY ON ECONOMIC DEVELOPMENT IN NIGERIA

ABUBAKAR OKUWA ABDULLAHI1 & ABUBAKAR ABBAS UTHMAN2
1Department of General Studies,
School of General Studies and Pre-ND,
Isa Mustapha Agwai 1 Polytechnic Lafia, Nasarawa State, Nigeria
Email: abukuwa50@gmail.com

2Department of Business Administration and management,
School of Administration and Business Studies,
Isa Mustapha Agwai 1 Polytechnic Lafia, Nasarawa State, Nigeria
Email: amuamafeda@gmail.com  

Abstract

The quest for economic development has been the preoccupation of developing nations, Nigeria inclusive. The process involves the coordination of macroeconomic indices using different policy instruments of which fiscal policy is one. However, the conduct of macroeconomic environment in Nigeria is characterized by a lot of instabilities, inconsistencies and uncertainties which are constraints to the attainment of economic development, hence the need to examine the impact of fiscal policy in coordinating macroeconomic indices toward economic development in Nigeria. Total government revenue and total government expenditure were regressed on real GDP. Employing OLS technique, the results showed that though fiscal policy influences the level of economic development in Nigeria due to the significant impact of both total government revenue and total government expenditure on real GDP. However, the size of the coefficient of total government expenditure (2.709013) is less than that of total government revenue (2.875000) which may be attributed to factors such as over invoicing of government contract and expenditure on non-economic goods and services amongst others. The paper finally recommended the need for fiscal discipline in government expenditure in order to improve its impact on economic development in Nigeria.

Keyword: Fiscal Policy, Economic Development, Real GDP, Government Revenue, Government Expenditure.

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