Algerian Journal of Management Sciences
Volume 1, Numéro 1, Pages 01-18
2022-12-31

Financial Inclusion And Inclusive Growth In Nigeria: Evidence From Banking, Insurance And Stock Market.

Authors : Oyedeko Yusuf . Zubairu Mohammed . Samson Regina .

Abstract

The study examines the effect of financial inclusion on inclusive growth in Nigeria. The study employs market capitalization per head, insurance asset per head and deposit money bank account per head as measure of financial inclusion while inclusive growth was measure by economic growth, health, education and governance index. The study employs secondary data which were gathered from World Bank Data indicator and Central Bank of Nigeria Statistical Bulletin. The study adopts dynamic model to examine the effect of long run relationship between the financial inclusion and inclusive growth in Nigeria. The study found that the depth of financial inclusive is shallow on inclusive growth in Nigeria. The study concluded that there is a link between financial inclusion and inclusive growth in the area of educational standard and governance quality. The study recommends that government and policymakers should implement flexible policy that will widen the accessibility of financial services particularly in the area of banking, insurance and stock market to enhance inclusive growth most especially in the area of economic growth and health service improvement. The study therefore suggests that other studies should focus on the effect of financial exclusion on inclusive growth in Nigeria.

Keywords

Financial Inclusion, Inclusive Growth, Banking, Insurance, Stock Market.