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Financial Inclusion and Economic Growth in Nigeria

Year 2015, Volume: 5 Issue: 3, 629 - 637, 01.09.2015

Abstract

Financial development is not simply a result of economic growth; it is also the driver of economic growth. Financial inclusion (FI), a feature offi nancial development, is a process that marks improvement in quantity, quality, and effi ciency of fi nancial intermediary services. It generates localsavings, which increase productive investments in local businesses. This paper investigated the impact of FI on economic growth in Nigeria. It aimedto highlight the determinants of FI and its impact on economic growth. Secondary data were sourced from world development indicators and ordinaryleast square regression model was used to analyze the data. The result shows that FI is a signifi cant determinant of the total factor of production, aswell as capital per worker, which invariably determines the fi nal level of output in the economy. This study recommends that natural and economicresources should be adequately harnessed, as alternative means of revitalization and diversifi cation of Nigeria’s oil-dependent monocultural economy.

Year 2015, Volume: 5 Issue: 3, 629 - 637, 01.09.2015

Abstract

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Details

Other ID JA82YU33MN
Journal Section Research Article
Authors

Abiola A. Babajide This is me

Folasade B. Adegboye This is me

Alexander E. Omankhanlen This is me

Publication Date September 1, 2015
Published in Issue Year 2015 Volume: 5 Issue: 3

Cite

APA Babajide, A. A., Adegboye, F. B., & Omankhanlen, A. E. (2015). Financial Inclusion and Economic Growth in Nigeria. International Journal of Economics and Financial Issues, 5(3), 629-637.
AMA Babajide AA, Adegboye FB, Omankhanlen AE. Financial Inclusion and Economic Growth in Nigeria. IJEFI. September 2015;5(3):629-637.
Chicago Babajide, Abiola A., Folasade B. Adegboye, and Alexander E. Omankhanlen. “Financial Inclusion and Economic Growth in Nigeria”. International Journal of Economics and Financial Issues 5, no. 3 (September 2015): 629-37.
EndNote Babajide AA, Adegboye FB, Omankhanlen AE (September 1, 2015) Financial Inclusion and Economic Growth in Nigeria. International Journal of Economics and Financial Issues 5 3 629–637.
IEEE A. A. Babajide, F. B. Adegboye, and A. E. Omankhanlen, “Financial Inclusion and Economic Growth in Nigeria”, IJEFI, vol. 5, no. 3, pp. 629–637, 2015.
ISNAD Babajide, Abiola A. et al. “Financial Inclusion and Economic Growth in Nigeria”. International Journal of Economics and Financial Issues 5/3 (September 2015), 629-637.
JAMA Babajide AA, Adegboye FB, Omankhanlen AE. Financial Inclusion and Economic Growth in Nigeria. IJEFI. 2015;5:629–637.
MLA Babajide, Abiola A. et al. “Financial Inclusion and Economic Growth in Nigeria”. International Journal of Economics and Financial Issues, vol. 5, no. 3, 2015, pp. 629-37.
Vancouver Babajide AA, Adegboye FB, Omankhanlen AE. Financial Inclusion and Economic Growth in Nigeria. IJEFI. 2015;5(3):629-37.