Vol. 4 No. 6 (2024)
Articles

Institutional Financing and Nigeria Economic Growth from 1992 to 2022

Published 2024-06-18

Keywords

  • Institutional Financing,
  • Nigeria's Economic Growth

How to Cite

John Okachukwu Okah, Okaro , C., & Adigwe, P. K. (2024). Institutional Financing and Nigeria Economic Growth from 1992 to 2022. African Journal of Business and Economic Development, 4(6), 13-30. https://www.openjournals.ijaar.org/index.php/ajbed/article/view/606

How to Cite

John Okachukwu Okah, Okaro , C., & Adigwe, P. K. (2024). Institutional Financing and Nigeria Economic Growth from 1992 to 2022. African Journal of Business and Economic Development, 4(6), 13-30. https://www.openjournals.ijaar.org/index.php/ajbed/article/view/606

Abstract

This paper investigated institutional financing and Nigeria's economic growth from 1992 to 2022. Using time series data collected from the Central Bank of Nigeria's Statistical Bulletin and the World Bank Database, the study analyzed the effects of explanatory variables (Bank of Agricultural Credit, Bank of Industrial Credit, Microfinance Bank Credit, and African Development Bank Credit) on the dependent variable (Gross Domestic Product). The Auto Regressive Distributed lag models (ARDL) was employed for the analysis, which indicated that while institutional financing variables had a positive effect, it was insignificant within the study period. The study recommends that Nigeria ought to formulate plans to extend their outreach to a broader spectrum of potential borrowers within their designated industries. Devise loan offerings tailored to suit the distinctive requirements of their intended customer base. Provide support through technical assistance initiatives and establish strong monitoring and assessment systems.

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