Financial Structure and Economic Growth: Evidence from Nigeria

Imo G. Ibe; Onwumere J.U.J; V. A Onodugo

Financial Structure and Economic Growth: Evidence from Nigeria

Imo G. Ibe * §

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Onwumere J.U.J

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V. A Onodugo

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§ Department of Accounting, Renaissance University, En...

Financial Structure and Economic Growth: Evidence from Nigeria

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Abstract

A nation’s financial system is much more than just an intermediary that ensures the allocation of savings to investment. The efficiency of such a system is endogenously achieved if the financial structure of that economy promotes optimal use of the resources available for development. It is against the importance of finance in enhancing economic growth and development especially in developing economies like Nigeria, that we questioned whether financial structure has positive and significant impact on economic growth and development in Nigeria. The results revealed from our findings support existing literature that total financial structure has positive and significant impact on economic growth. However, while some sectors exert more influence (banking and market), other sectors (such as insurance) were found to have non-significant impact on economic growth. We therefore recommend that greater efforts should be made by govern-ment and the regulatory authorities at ensuring that an enabling environment is provided (through strengthening of existing laws and regulations) where all the components of the financial sector can compete favorably.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Imo Ibe, Onwumere J.U.J, V. Onodugo. 2013. "Financial Structure and Economic Growth: Evidence from Nigeria". Global Journal of Management and Business Research, Global Journal of Management and Business Research - C: Finance GJMBR-C Volume 13 (GJMBR Volume 13 Issue C5).

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GJMBR Volume 13 Issue C5

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords

Economic Growth financial structure Nigeria

Classification

GJMBR-C Classification JEL Code: F43

Submission ReceivedDecember 9, 2012
Peer Review Double Blind
Handling Editor
Accepted December 31, 2012
Published January 15, 2013

Version of record

v1.2

Issue date

May 21, 2013

Language

English

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Article Matrices

Total Score: 150

Country: Nigeria

Subject: Global Journal of Management and Business Research

Authors: Onwumere J.U.J, V. A Onodugo, Imo G. Ibe (PhD/Dr. count: 0)

View Count (all-time): 281

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Publish Date: 2013 01, Tue

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