Financial sector development and economic growth in Nigeria: an empirical investigation

Authors

J. Nnanna

Publisher

Central Bank of Nigeria, Research Department.

Keywords

Financial sector development, Economic growth, Development - Financial Sector, Nigeria

Abstract

In this paper, a single equation econometric model is specified to assess the impact of the Nigerian financial sector on economic growth. In recognition of the key role the financial sector plays in economic development, the paper recommends the sustenance of distress resolution initiatives, adequate capitalization of the banks, reduction of government dominance in the credit market, and a comprehensive approach to financial sector surveillance.

Author Bio

Dr O. J. Nnanna is the Director, Research Department, Central bank of Nigeria.

Publication Title

CBN Economic and Financial Review (EFR)

Issue

3

Volume

42

Recommended Citation

Nnanna, 0. J. (2004). Financial sector development and economic growth in Nigeria: an empirical investigation. Economic and Financial Review, 42(3), 1-19