Economic and Financial Review


Central Bank of Nigeria


Financial Sector Development, Economic Growth, Nigerian Economy, Nigeria, Central Bank of Nigeria


The various literature and studies reviewed in this exposition have underscored the positive impacts of a developed financial sector on an economy. Whilst a few studies showed that finance follows growth, the majority opinion is that finance leads growth. Unfortunately, growth has not led to economic development in many developing economies, necessitating intervention by such bodies as the United Nations, International Labour Organization and United Nations Development Programme. Economists are equally concerned about this development and have, therefore, conducted studies to show the relationship between economic growth and poverty alleviation. They generally agreed that growth is good for poverty reduction.

Author Bio

The author Prof. Peter N. Umoh is the Chairman, Pyka Limited and former Executive Director Operations, Nigeria Deposit Insurance Corporation (NDIC).

Publication Title

CBN Economic and Financial Review





Recommended Citation

Umoh, Peter N. (2011). Financial Sector Development and Economic Growth: A Theoretical Exposition. CBN Economic and Financial Review. 49 (4), 12-25.

Included in

Finance Commons



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