Live Covid-19
United States 100,906,111
Cases: 100,906,111
Deaths: 1,106,990
Recovered: 98,320,554
Active: 1,478,567
India 44,674,874
Cases: 44,674,874
Deaths: 530,630
Recovered: 44,138,554
Active: 5,690
France 38,078,565
Cases: 38,078,565
Deaths: 159,245
Recovered: 37,022,916
Active: 896,404
Germany 36,557,861
Cases: 36,557,861
Deaths: 158,198
Recovered: 35,913,000
Active: 486,663
Brazil 35,436,031
Cases: 35,436,031
Deaths: 690,298
Recovered: 34,262,104
Active: 483,629
South Korea 27,408,854
Cases: 27,408,854
Deaths: 30,793
Recovered: 26,431,550
Active: 946,511
Japan 25,268,073
Cases: 25,268,073
Deaths: 50,461
Recovered: 20,766,771
Active: 4,450,841
Italy 24,488,080
Cases: 24,488,080
Deaths: 181,733
Recovered: 23,799,178
Active: 507,169
United Kingdom 24,024,746
Cases: 24,024,746
Deaths: 197,253
Recovered: 23,758,420
Active: 69,073
Russia 21,623,268
Cases: 21,623,268
Deaths: 392,283
Recovered: 21,023,627
Active: 207,358
Turkey 17,005,537
Cases: 17,005,537
Deaths: 101,400
Recovered:
Active: 16,904,137
Spain 13,614,807
Cases: 13,614,807
Deaths: 116,108
Recovered: 13,403,322
Active: 95,377
Vietnam 11,518,149
Cases: 11,518,149
Deaths: 43,177
Recovered: 10,608,988
Active: 865,984
Australia 10,759,272
Cases: 10,759,272
Deaths: 16,264
Recovered: 10,546,102
Active: 196,906
Argentina 9,739,856
Cases: 9,739,856
Deaths: 130,034
Recovered: 9,591,684
Active: 18,138
Netherlands 8,544,770
Cases: 8,544,770
Deaths: 22,920
Recovered: 8,499,904
Active: 21,946
Taiwan 8,379,467
Cases: 8,379,467
Deaths: 14,500
Recovered: 8,054,926
Active: 310,041
Iran 7,559,924
Cases: 7,559,924
Deaths: 144,645
Recovered: 7,335,330
Active: 79,949
Mexico 7,132,792
Cases: 7,132,792
Deaths: 330,525
Recovered: 6,400,759
Active: 401,508
Indonesia 6,682,437
Cases: 6,682,437
Deaths: 160,026
Recovered: 6,474,271
Active: 48,140
Poland 6,354,511
Cases: 6,354,511
Deaths: 118,340
Recovered: 5,335,940
Active: 900,231
Colombia 6,318,021
Cases: 6,318,021
Deaths: 141,911
Recovered: 6,142,640
Active: 33,470
Austria 5,583,979
Cases: 5,583,979
Deaths: 21,230
Recovered: 5,515,749
Active: 47,000
Portugal 5,546,290
Cases: 5,546,290
Deaths: 25,517
Recovered: 5,501,942
Active: 18,831
Greece 5,404,690
Cases: 5,404,690
Deaths: 34,309
Recovered: 5,345,133
Active: 25,248
Ukraine 5,341,284
Cases: 5,341,284
Deaths: 110,586
Recovered: 5,217,903
Active: 12,795
Malaysia 5,001,908
Cases: 5,001,908
Deaths: 36,716
Recovered: 4,943,392
Active: 21,800
Chile 4,939,304
Cases: 4,939,304
Deaths: 62,587
Recovered: 4,867,554
Active: 9,163
North Korea 4,772,813
Cases: 4,772,813
Deaths: 74
Recovered: 4,772,739
Active: 0
Israel 4,729,614
Cases: 4,729,614
Deaths: 11,882
Recovered: 4,704,016
Active: 13,716

Impact of Financial Sector Developments on Economic Growth Rate Evidence from Nigeria, 1981-2021

Impact of Financial Sector Developments on Economic Growth Rate Evidence from Nigeria, 1981-2021

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  • September 7, 2022
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Financial sector development can be defined as financial system activities that help in facilitating the mobilization of capital for industrialization and channeling capital funds to the productive investments of the economy which constituted important determinants of economic growth. Financial sector development is also seen as the wholesale, retail, formal, and informal institutions in an economy offering financial services to consumers, businesses, and other financial institutions. In its broadest definition, it includes everything from banks, stock exchanges, and insurers, to credit unions, microfinance institutions, and money lenders. Therefore, the broad objective of this study is to measure the impact of financial sector developments on the economic growth rate in Nigeria, However, the specific objectives of the study are to determine the impact of Bank credit to the private sector on the economic growth rate in Nigeria, Measure the impact of Bank money supply on economic growth rate in Nigeria, Investigate the impact of capital market Stock value on economic growth rate in Nigeria, Access the impact of Total Domestic saving on economic growth rate in Nigeria. The study adopted a multiple regression method called the autoregressive Distributed lag model. (ARDA), Result reveals that the Ratio of credit to the private sector positively and non-significantly impacted economic growth in Nigeria, Ratio of broad money supply positively and significantly impacted economic growth in Nigeria, Ratio of total domestic savings positively and significantly impacted on economic growth in Nigeria, Ratio of stock market value positively and significantly impacted on economic growth in Nigeria, It was concluded that financial sector development had a positive and significant impact on economic activities in Nigeria. It was recommended that since the Nigerian private sector index is poor. Government should be advised to aggressively embark on giving out credits to small and medium enterprises and as well as producer to improve productivity and growth in the economy. Financial development such as regulation in exchange rate fluctuation, stabilization of exchange rate by the monetary authorities and efficient money supply will be encouraged to enhance improvement in external reserve capacity. Monetary authorities should endeavor to combat constructively the effect of inflation, regulate inflation rate so that private sectors will patronize private sector investment that will influence private sector policies effectively through savings and finally, Capital market activities should be efficiently more regulated so that shorter, medium and long-term loan can be easily sourced thereby improving the productive sector and the economy.

Keywords: Financial Sector Development; Capital Market Activities; Economic Growth Rate

Authorship: Ezema, C. A. PhD and Okoye, G. O. PhD | FULL PDF

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