Impact of Financial Sector Reforms on the Performance of the Nigerian Economy
- Post by: airjournals
- December 4, 2020
- Comments off
With the adoption of ﬁnancial reform in Nigeria, one of the basic issues that have been of crucial interest to academic and policymakers is whether the various reforms in the ﬁnancial sector have suﬃciently led to the deepening and development of the ﬁnancial markets so as to promote economic growth. To this end, this research work examined the impact of financial sector reforms on the performance of the Nigerian economy. The study employed the ex-post-facto research design because of the information needed for this investigation. Data for this study was obtained from the CBN Statistical Bulletin, 2013 using data from the period of 1986-2013. Frequencies, Percentages, Tables, and Charts were used to present obtained data. The ordinary least square method using the Statistical Package for Social Sciences (SPSS) Version 22 was used to analyze the data. After subjecting each hypothesis under test, findings revealed that Financial sector reforms in Nigeria have a positive and significant impact on savings culture in Nigeria and that Financial sector reforms in Nigeria have not improved economic growth in Nigeria for the period under study. Hence, it was concluded that the financial sector occupies a vital position in the economy and must be subject to continuous reforms for it to function efficiently.