The impact of Oil Resources Dependence on Financial - Growth nexus: Empirical evidence from Nigeria
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Date
2019
Authors
Akeredolu, M.
Saibu, O.
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Economics University of Lagos
Abstract
This paper investigated the impact of financial development on growth in a resource endowed environment, Nigeria. Based on time-series data culled from CBN statistical bulletin for 1981 to 2015. Using the endogenous growth model to specify the relationship among the variables the paper established that oil dependence weakens the efficiency of financial development in stimulating the economy of a resource-dependent nation. Having established that oil resource
the endowment will negatively affect the benefit expected to be accrued from financial development on economic growth; the implication of the result of the study on macroeconomic conditions that can aid or mitigate the pace of financial development and its contribution to growth in oil resource endowed economy particularly an oil-exporting and importing nation like Nigeria with special focus on how to mitigate the consequence of resource dependence
Description
Scholarly articles
Keywords
Oil revenue , Nigerian economy , Resource curse , Financial development , Research Subject Categories::SOCIAL SCIENCES
Citation
Akeredolu M.O and Saibu M.O (2019) The impact of Oil Resources Dependence on Financial - Growth nexus: Empirical evidence from Nigeria in Leading Issues in Macroeconomic Stabilisation and financial Development: A festschrift in Honour of Professor Oluwatayo Fakiyesi Edited by R,O,S Dauda, S.O Akinleye & E.D Balogun Chapter 13 Pp 265-282