Top PDF Emissions from agricultural sector and financial development in Nigeria: an empirical study

Emissions from agricultural sector and financial development in Nigeria: an empirical study

Emissions from agricultural sector and financial development in Nigeria: an empirical study

This study investigates the impact of financial development, economic growth, energy consumption, population and FDI net inflows on the environmental quality in Nigeria. We have distinguish our work with existing literature by incorporating emissions from agricultural sector to capture environmental safety and introduce population as an additional variable in the case of Nigeria. Autoregressive Distributed Lag (ARDL) bounds F-test, advanced by Pesaran et al. (2001) was used to test the long-run equilibrium relationship among the variables. Except for energy consumption, the coefficients of the determinants in the long-run model were all significant. Economic growth and financial development improves environmental quality, suggesting that financial development and economic growth have not taken place at the expense of the environmental quality. More so, the short-run coefficients of financial development, economic growth, energy consumption and FDI net inflow were not statistically significant. On the other hand, population was found to be significant and positively related to emissions from agriculture sector during the short-run period.
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FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA:  AN EMPIRICAL INVESTIGATION (1980-2012)

FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA: AN EMPIRICAL INVESTIGATION (1980-2012)

Osuji and Chigbu (2012) investigated the impact of financial development variables on economic growth in Nigeria. Augmented Dickey Fuller (ADF) test, Granger Causality test, Co-integration and Error Correction Method (ECM) were employed on the time series data from 1960-2008 and the results revealed that Money Supply (MS) and Credit to Private Sector (CPS) and the result shows that the financial development were positively related to economic growth of Nigeria. The Johansen and Granger tests shows that Money Supply and Credit to private Sector (CPS) were cointegrated with GDP in Nigeria within the study period while Granger tests indicated that all the exogenous variables Granger cause GDP and GDP Granger cause other variables in Nigeria. They concluded that the government should ensure a robust supervision of the financial sector to enable financial institutions provide the needed funds for the growth and development of the Nigerian Economy.
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An empirical study of World Bank agricultural development programme in Nigeria

An empirical study of World Bank agricultural development programme in Nigeria

This study evaluated the extent World Bank sponsored Agricultural Development Project has gone in Nigeria with a view to identifying the areas of problems. In pursuant of this objective, survey research method was adopted. Data collected through questionnaire were presented in tables and analyzed. The findings revealed among others, that policy approach that excluded the beneficiaries from participating in the project design, planning and implementation is not desirable. Recruitment of extension staff were not based on expertise and professionalism, but on political considerations. The three financiers – World Bank, Federal and State governments of Nigeria do not make their contributions as and when due. Frequent change in leadership has also affected the operation of World Bank sponsored ADP. Based on the findings, the major recommendations are: That ADP should open a dialogue with the government explaining the need to maintain a recruitment policy based on merit as well as less government intervention in the recruitment policy of the Programme. The Federal Government of Nigeria should as a matter of necessity, redesign the ADP to give each state ADP a corporate status that will enable it have access to the financial market in order to procure development loans on its own capacity. There is need to involve the project beneficiaries in the design, planning and execution of the project. This will equally avoid top down approach in policy coordination. It will also stimulate the interest of the recipients or host communities.
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Development of Financial System and Economic Growth: An Empirical Evidence from Nigeria.

Development of Financial System and Economic Growth: An Empirical Evidence from Nigeria.

The chief aim of the study was to ascertain the relationship between banking system development and stock market development (financial system development) and economic growth. Secondary data relating to market capitalization (MCP), value of shares traded (VLT), government expenditure (GOV) Investments (INV), Inflation (INF), real GDP per capita and credit to the private sector (PSC) were extracted from CBN Statistical Bulletins and used for the study. The Cointegration Technique was used for the data analysis. The technique comprises of ordinary Least Square regression (OLS) Unit Root Test (URT), Error Correction Mechanism (ECM) and the Augumented Dicky Fuller Test Approach to establish the short run and the long run results. The results revealed that market capitalization, has short run and long run positive impact on economic growth; that credit to the private sector by banks also has a positive impact on GDP; that the value of share traded in stock market, the turnover ratio, the investments all have positive influence on economic growth; that inflation and government expenditure are strong policy variables in the long run. On a final note, the financial system can be considered as a tool for short run and long run economic growth.
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An Empirical Investigation into the Effect of Financial Sector Development on Investment and Industrial Capacity Utilization in Nigeria, 1986-2012

An Empirical Investigation into the Effect of Financial Sector Development on Investment and Industrial Capacity Utilization in Nigeria, 1986-2012

Investment and capacity utilization has been a subject of concern to Economists all over the world because of the crucial role they play in terms of economic growth of a nation. They constitute the moving vehicles that transform a traditional subsistence economy to a modern one. However, the performance of these macroeconomic aggregates is hinged on the performance of the financial sector. The low performance of these macroeconomic aggregates in Nigeria therefore calls for an empirical investigation into the effect of financial sector on them. The study is situated within the framework of the supply leading hypothesis. It made use of the 3 stage least square method to estimate the two equations. Simulation experiments were also performed. The paper finds out that MCAP has positive effect on investment and it is significant but ROT has a reducing effect and it is not significant. Also, all the financial variables used had negative effect on CUR and they are statistically significant. The simulation results showed that the shocks in the financial sector have varying effects on GFCF and CUR. The paper therefore recommends that both interest rate and foreign exchange rate should not be left entirely to be determined by the market forces. Government should intervene when necessary. When this is done the growth in GFCF and CUR desired would be achieved.
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Financial Development, Manufacturing Sector and Sustainability: Evidence from

Nigeria

Financial Development, Manufacturing Sector and Sustainability: Evidence from Nigeria

On empirical review, Orlica et al. (2018) investigated the nexus between foreign direct investment spillover and productivity in the manufacturing sector in five selected European countries. It was reported by the scholars that local manufacturing firms gain in the upstream services and downstream services in the sector most especially in relation to knowledge. In a similar study, Desbordesa and Wei (2017) examined the relationship between financial development and foreign direct investment. It was shown by the scholar that there is a causal relationship between financial development and foreign direct investment. Tayssir and Feryel (2018) examined the impact of central banking on financial development in developed, developing and emerging economies. The findings of the scholars revealed that the central bank significantly influences the development of the financial sector in the countries under examination. Moreover, Ductor and Grechvna (2015) examined the interdependence between financial development and real sector output and the effect on economic growth based on panel data sourced between for some selected developed and developing economies. The study observed that the impact of financial development on growth is largely influenced by net credit to the private sector and that this impact becomes negative if it is not accompanied by a corresponding growth in the real output.
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Financial Development and Economic Growth in Nigeria: A Reconsideration of Empirical Evidence.

Financial Development and Economic Growth in Nigeria: A Reconsideration of Empirical Evidence.

. His regression results showed that financial deepening does positively affect per capita growth of output in these selected SSA countries, even though his parameter estimate of the variable of financial deepening was insignificant in one of his equations and he attributed this to shallow finance and the absence of well- functioning capital market in most SSA countries. Nnanna (2004) examined financial sector development and economic growth in Nigeria. Using the OLS, the study shows that financial sector development did not significantly affect per capita growth of output. Nzotta and Okereke, (2009) studied financial deepening and economic development in Nigeria. Using data covering the period between1986 and 2007, the study found that financial deepening did not support economic growth in Nigeria. Oriavwote and Eshenake (2012) examined the implications of financial development on economic growth in Nigeria, using time series data for the period of 1990-2011. The study applied the co-integration analysis with its error correction mechanism; the variables included Real Gross Domestic Product, Financial deepening (ratio of money supply to GDP, liquidity ratio, interest rate and the credit to private sector). The findings show that financial sector development has not significantly improved private sector development, while the capital base and liquidity ratio has improved the level of economic growth in Nigeria.
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Effect of Financial Sector Development on Economic Growth: A Case of Nigeria

Effect of Financial Sector Development on Economic Growth: A Case of Nigeria

Many empirical studies have investigated the existing relationship between financial sector development and economic growth. Beck (2006), Demetriades and Adrianova (2004) and Levine (2003) built on the works carried out by Goldsmith (1969), Gurley and Shaw (1955), Schumpeter (1912), Shaw (1973), Hicks (1969) and McKinnon (1973), while investigating the relationship between the two variables. Their attempt was to use cross-country, panel industry-level and case study analyses to demonstrate how financial development boost economic growth. According to Acemoglu, et al (2004) and Beck, et al (2000), developed financial markets are essential for long– term economic growth. While Goldsmith (1969), King and Levin (2003), McKinnon (1973), Odedokin (1996), Schumpeter (1912) and Shaw (1973) view finance as a critical element of growth, Lucas (1998) and Stern (1984) look upon finance as a relatively unimportant growth factor. Buffle (1984) and Van Wijinbergen (1983) were concerned with focusing on the potential negative effect of finance on economic growth. The view of Xu (2000) is rather parallel in the sense that it does not see financial development as playing any role (positive or negative) on economic growth. In Nigeria, Adebiyi (2005) looked into the relationship between stock market indicators, such as turnover to GDP and market capitalization to GDP and economic growth, with the aid of co-integration approach. The findings of the study demonstrate that size and liquidity (parameters of capital market development) are statistically significant in explaining economic activity. On his part, Ajakaiye (2002) investigated the impact of banking sector credits to the private sector on real investment in Nigeria from 1981 to 1995. At the end, the study discovered that bank credit to private sector has a positive impact on real investment. Afolabi (1996), while using the buffer-stock approach, investigated the impact of the movement of monetary aggregates on the real sector via its effects on real consumer expenditures from 1970 to 1995. A weak relationship between the rate of interest and movements of monetary aggregates and investment expenditure was found by the study. Other such studies on the empirical relationship between financial sector development and economic growth in Nigeria include the works by Ariyo and Delegan (2005) and Balogun (2007).
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Financial Development, Manufacturing Sector and Sustainability: Evidence from Nigeria

Financial Development, Manufacturing Sector and Sustainability: Evidence from Nigeria

On empirical review, Orlica et al. (2018) investigated the nexus between foreign direct investment spillover and productivity in the manufacturing sector in five selected European countries. It was reported by the scholars that local manufacturing firms gain in the upstream services and downstream services in the sector most especially in relation to knowledge. In a similar study, Desbordesa and Wei (2017) examined the relationship between financial development and foreign direct investment. It was shown by the scholar that there is a causal relationship between financial development and foreign direct investment. Tayssir and Feryel (2018) examined the impact of central banking on financial development in developed, developing and emerging economies. The findings of the scholars revealed that the central bank significantly influences the development of the financial sector in the countries under examination. Moreover, Ductor and Grechvna (2015) examined the interdependence between financial development and real sector output and the effect on economic growth based on panel data sourced between for some selected developed and developing economies. The study observed that the impact of financial development on growth is largely influenced by net credit to the private sector and that this impact becomes negative if it is not accompanied by a corresponding growth in the real output.
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Trends and Drivers of Agricultural Investments and Growth in Nigeria: The Pre and Financial Sector Reforms Experience

Trends and Drivers of Agricultural Investments and Growth in Nigeria: The Pre and Financial Sector Reforms Experience

118 Empirically, studies on agricultural investment and growth trends in Nigeria are scanty. Marjit (2004) in his study on financial sector reform for stimulating investment and economic growth- the Indian experience reported that in the pre-reform period (1980-1990), average rate of public investment dropped from 10 percent to 7.50 percent in the post 90s, while the average private investment rate increased from 12 percent to 16 percent. In a related research, Asamoah (2008) documented that during the post-independence financial sector reforms in Ghana, per capita income growth rate averaged 1.80 percent, despite the adverse development due to poor agricultural output in 1990 and it declined to 1.0 percent on average between 1992 and 2000. He pointed out that there were several obstacles and restrictions served to undermine private sector confidence, which warranted the need for financial sector reforms. Inflation rate shows the same pattern between 1984 and 1991. The inflation rate was moderate hitting as low as 18 percent in 1991. It later accelerated with an average of 59.50 percent in 1995, which was the peak before declining to 30 percent in 1997 after the central bank intervened in the foreign market to control depreciation of the exchange rate.
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CAUSAL RELATIONSHIP BETWEEN FINANCIAL SECTOR LIBERALIZATION AND
AGRICULTURAL SECTOR OUTPUT IN NIGERIA

CAUSAL RELATIONSHIP BETWEEN FINANCIAL SECTOR LIBERALIZATION AND AGRICULTURAL SECTOR OUTPUT IN NIGERIA

The causality between the Financial Liberalization variables and Agricultural Sector Output (AOG) in Nigeria between 1986 and 2017 provided more support for the demand following hypothesis. Hence, Agricultural Sector Output (AOG) predicts Prime Lending Rate (PLR), Exchange Rate (EXR) and Ratio of Money Supply to GDP (RMS). This is not in accordance with apriori expectation, though, it supports the conclusions of Robinson (1952), Lucas (1988), Odhiambo (2008), Omotor (2007), Kar and Pentecost (2000). The results of the Pairwise Granger Causality Test are in accordance with the results of ECM which revealed that PLR, DR, RMS, EXR, and LQR with P-values of 0.4573, 0.1057, 0.7401, 0.3600 and 0.4092 respectively do not have any significant effect in explaining the changes in agricultural sector output in Nigeria with in the period of study. This may be contributed to the fact that Nigerian financial system is not well structure and not yet developed, though the causality running from the agricultural sector output to financial development is indicating that enhancement and improvement of agricultural sector output will lead to more standard and development financial system in Nigeria by improving on the Prime lending Rate (PLR), Exchange Rate (EXR) and Total Money Supply (RMS) in the country.
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The Effect of Financial Sector Development on Poverty Reduction in Nigeria: An Empirical Investigation

The Effect of Financial Sector Development on Poverty Reduction in Nigeria: An Empirical Investigation

There are few studies that explore the relationship between financial development and poverty in Nigeria (Saibu et al., 2011; Fawowe and Abidoye, 2013; Goodness, 2013; Keho, 2017). None of these studies examine the dichotomy of the channels of financial development on poverty reduction. In addition, the effect of financial instability on poverty was also not considered based on these channels. This study is an attempt to fill this vacuum. The objective of this study is to improve the existing literature by examining the transmission mechanism through which financial sector development and financial instability contributes to rising poverty incidences in Nigeria. The curiosity is whether the high incidence of poverty is related to the shallowness and fragility of the financial system. The rest of the paper is structured as follows. Section two presents the review of empirical literatures. Section three outlines the methodology. Section four presents the data analysis and empirical findings. Section five contains conclusion and recommendation.
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Impact of Financial Inclusion on Inclusive Growth: An Empirical Study of Nigeria

Impact of Financial Inclusion on Inclusive Growth: An Empirical Study of Nigeria

The study investigates the effect of financial inclusion on inclusive growth in Nigeria covering the periods of 1981 to 2017. It adopts the Auto-Regressive Distributed Lag (ARDL) model, using annual series from CBN statistical bulletin and World Development Indicators (WDI). The variables adopted include; rural loan, number of bank branches, money supply-GDP ratio, private sector credit to GDP ratio and GDP per capita. The study found financial inclusion, in the form of rural loan, number of bank branches and level of liquidity have a positive and significant effect on inclusive growth in the short and long run, while interest rate impede inclusive growth. The study recommends more and improved financial services be made available to rural dwellers and the economy in general to help them participate and contribute more to national productivity. However, these financial services should be carefully monitored to make sure they are used productively. This should help reduce inequality in the country and put the country in a path of inclusive growth.
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Does financial sector development cause economic growth? empirical  evidence from Nigeria

Does financial sector development cause economic growth? empirical evidence from Nigeria

measure of financial development and second proxy level of financial intermediation (credit extended to the private sector as a ratio of GDP (PC/GDP) in Nigeria. This is evidenced with the probabilities of the two measures of financial development at 0.34948 and 0.38702 > 0.05 (5%) significance level. As a result, we accept that financial development does not cause economic growth. This study supports the findings of Perera and Paudel (2009) whose major finding of the study of the causal relationship between financial development and economic growth in Sri Lanka over the period 1955 to 2005 does not strongly support the view that financial development boosts economic growth; Muhsin, and Pentecost (2000) who examined the causal relationship between financial development and economic growth in Turkey and found on the balance that growth seems to lead financial sector development; Nzotta and Okereke (2009) who concluded that financial deepening did not support economic growth in Nigeria. Given the argument of Patrick (1966) the causal relationship between financial development and economic growth varies according to the stages of the development process, he suggests that the supply-leading pattern dominates during the early stages of economic development. As financial and economic development proceeds, the supply-leading characteristics of financial development diminish gradually and are eventually dominated by demand following financial development. However, this may not be attributable to Nigeria as the evidences of poor general infrastructure, high unemployment rate and inflation, lack of modest growth in GDP that abound in the country suggests that the country cannot be classified under any developmental process.
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Does Monetary Policy matter for Agricultural Sector Performance? Empirical Evidence from Nigeria

Does Monetary Policy matter for Agricultural Sector Performance? Empirical Evidence from Nigeria

to the period of the global financial crisis. The progress recorded in the agriculture sector also coincided with Nigeria’s return to democratic rule in 1999. Under the administration of President Obasanjo (1999-2007), key economic and agricultural policy reforms were implemented. Some of these include the National Economic Empowerment and Development Strategy (NEEDS), the National Agricultural Policy (2002) and the National Special Programme on Food Security (NSPFS) (2002). During this period, the role of government was clearly re- defined to creating the conducive macro-environment to stimulate greater private sector investment in agriculture rather than direct participation. In this regard, the private sector appropriately assumed its role as the lead actor in agricultural business. The Agricultural Transformation Agenda of Goodluck Jonathan’s administration with special focus on enhancing farmers’ access to key inputs also contributed to the progress made in agricultural development.
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An Empirical Assessment of Financial Sector Development and Economic Growth in Nigeria

An Empirical Assessment of Financial Sector Development and Economic Growth in Nigeria

In the case of a small sample study, the risk of spurious regression is extremely high. In the presence of I(1) or higher order integrated variables, the conventional t-test of the regression coefficients generated by conventional OLS procedure is highly misleading (Granger and Newbold, 1977). Resolving these problems requires transforming an integrated series into a stationary series by successive differencing of the series depending on the order of integration (Box and Jenkins, 1970). However, Sargan (1964), Hendry and Mizon (1978) and Davidson, Hendry, Sbra and Yeo (1978) have argued that the differencing process loses valuable information in data, especially in the specification of dynamic models. If some, or all, of the variables of a model are of the same order of integration, following the Engle-Granger theorem, the series are cointegrated and the appropriate procedure to estimate the model will be an error correction specification. Hendry (1986) supported this view, arguing that error correction formulation minimizes the possibilities of spurious relationships being estimated as it retains level information in a non-integrated form (Hendry, 1986).
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A COMPARATIVE ANALYSIS OF THE ROLE OF AGRICULTURAL POLICIES AS DRIVERS OF GROWTH AND DEVELOPMENT OF THE AGRICULTURAL SECTOR IN NIGERIA, 1981-2014

A COMPARATIVE ANALYSIS OF THE ROLE OF AGRICULTURAL POLICIES AS DRIVERS OF GROWTH AND DEVELOPMENT OF THE AGRICULTURAL SECTOR IN NIGERIA, 1981-2014

We invite unpublished novel, original, empirical and high quality research work pertaining to the recent developments & practices in the areas of Com- puter Science & Applications; Commerce; Business; Finance; Marketing; Human Resource Management; General Management; Banking; Economics; Tourism Administration & Management; Education; Law; Library & Information Science; Defence & Strategic Studies; Electronic Science; Corporate Gov- ernance; Industrial Relations; and emerging paradigms in allied subjects like Accounting; Accounting Information Systems; Accounting Theory & Practice; Auditing; Behavioral Accounting; Behavioral Economics; Corporate Finance; Cost Accounting; Econometrics; Economic Development; Economic History; Financial Institutions & Markets; Financial Services; Fiscal Policy; Government & Non Profit Accounting; Industrial Organization; International Economics & Trade; International Finance; Macro Economics; Micro Economics; Rural Economics; Co-operation; Demography: Development Planning; Development Studies; Applied Economics; Development Economics; Business Economics; Monetary Policy; Public Policy Economics; Real Estate; Regional Economics; Political Science; Continuing Education; Labour Welfare; Philosophy; Psychology; Sociology; Tax Accounting; Advertising & Promotion Management; Management Information Systems (MIS); Business Law; Public Responsibility & Ethics; Communication; Direct Marketing; E-Commerce; Global Business; Health Care Administration; Labour Relations & Human Resource Management; Marketing Research; Marketing Theory & Applications; Non-Profit Or- ganizations; Office Administration/Management; Operations Research/Statistics; Organizational Behavior & Theory; Organizational Development; Pro- duction/Operations; International Relations; Human Rights & Duties; Public Administration; Population Studies; Purchasing/Materials Management; Re- tailing; Sales/Selling; Services; Small Business Entrepreneurship; Strategic Management Policy; Technology/Innovation; Tourism & Hospitality; Transpor- tation Distribution; Algorithms; Artificial Intelligence; Compilers & Translation; Computer Aided Design (CAD); Computer Aided Manufacturing; Computer Graphics; Computer Organization & Architecture; Database Structures & Systems; Discrete Structures; Internet; Management Information Systems; Mod- eling & Simulation; Neural Systems/Neural Networks; Numerical Analysis/Scientific Computing; Object Oriented Programming; Operating Systems; Pro- gramming Languages; Robotics; Symbolic & Formal Logic; Web Design and emerging paradigms in allied subjects.
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An Empirical Investigation into the Relationship between Financial Sector Development and Unemployment in Nigeria

An Empirical Investigation into the Relationship between Financial Sector Development and Unemployment in Nigeria

It has been argued that financial development has the capacity of reducing unemployment. It is along this line Dromel et al. (2010) contend that development of private credit (which is a measure of financial development) would significantly lower unemployment persistence. Less Developed Countries (LDCs) are characterised with oft-found triple problem of smallness – small transaction, small financial institution, and small marked size thereby leading to persistence unemployment (Pant et al., 2009; Ibrahim and Aliero, 2012). This led Ibrahim and Aliero (2012) to argue that enhancing access to formal financial services especially credit to the rural populace has not only have the capacity of reducing unemployment but also is a mean of reducing poverty in developing countries. Research in his direction has concentrated in providing answer to two major questions. First, does financial development produce jobless growth by easing financing constraints allowing firms to invest in more capital-intensive technologies thereby expanding output but not employment? Second, to what extent does better-developed financial markets eases liquidity deficiencies of producers and consumers alike which in turn will generate economic growth that will stem from increase in employment as consumption and production increases, ceteris peribus. The objective of this paper is therefore to investigate the effect of financial development on unemployment in Nigeria. In achieving this objective the paper is divided into five sections including this introduction. Section two presents the literature review. Section three contains the methodology of the study. Section four is the result and discussion while the last section concludes the paper.
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Is There A Link Between Financial Sector Development and Economic Growth in Nigeria?

Is There A Link Between Financial Sector Development and Economic Growth in Nigeria?

There is no consensus in the empirical literature on the causal links between financial sector development and economic growth. This paper investigates the long run and causal relationship between financial sector development and economic growth in Nigeria for the period 1981 and 2011 using time series data. Results from a multivariate VAR and vector error correction model support evidence of long run relationship between financial sector development and economic growth in Nigeria. Granger causality test results also confirm the cointegration results indicating there exist causality between financial sector development and economic growth in Nigeria. The nature of the causality however depends on the variable used to measure financial development. The results demand that government should implement appropriate regulatory and macroeconomic policies to consolidate on the gains of previous financial sector reforms.
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Foreign Financial Resources Inflows and Stock Market Development: Empirical Evidence from Nigeria and Ghana.

Foreign Financial Resources Inflows and Stock Market Development: Empirical Evidence from Nigeria and Ghana.

This study empirically investigates the effects of the inflows of foreign financial resources into Nigeria’s and Ghana’s economies, on the development of the countries’ stock exchanges. Using annual time series data covering the period – 1988 to 2011 for Nigeria, and 1991 to 2011 for Ghana, adopting market capitalisation– GDP ratio (MCR) as proxy for stock market development, and employing multiple linear regression technique, the study finds that with the exception of external debt-GDP ratio (EXDTR), the ratios of inflows of other foreign financial resources (foreign direct investment (FDI), foreign portfolio investment (FPI), personal remittances received (PRR), official development assistance and aid (ODAA)) to GDP, were positively related to MCR, although the relationship between ODAA-GDP ratio and MCR in Nigeria was statistically insignificant within the sample period. On the other hand, FDI-GDP, PRR-GDP and EXDT-GDP ratios were observed to be significantly, negatively related to MCR in Ghana, while ODAA-GDP ratio was positively related to it, indicating that, of all the forms of foreign finances considered, ODAA has been the most relevant in the development of Ghana’s stock exchange. Policy recommendations of the paper include the creation of conducive macroeconomic, socio-political environment required to attract more foreign direct and portfolio investments, as well as enhance the profitability of quoted firms whose securities are listed on the exchange, keeping external public debt at manageable levels, encouraging more firms to get listed the stock exchanges, reducing the cost of stock exchange transactions, proper regulations of the activities of market players, etc.
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