Democracy, Financial Development and Economic Growth in Nigeria

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dc.contributor.authorNwaogwugwu, I.C
dc.date.accessioned2019-05-15T08:45:16Z
dc.date.available2019-05-15T08:45:16Z
dc.date.issued2018
dc.descriptionJournal Articlesen_US
dc.description.abstractA well-operated democracy and efficient financial sector will deliver on the well-being of the citizenry through enhanced economic performance as may be reflected on the quantum increase on the Gross Domestic Product (GDP). Prior to 1999 the Nigeria political space was characterized by an interchange between democracy and military dictatorship. But the events of recent years show that the nation seems to have finally towed the path of sustained democratic governance notwithstanding several obstacles. Several policies have also been put in place in an attempt to overhaul and reposition the financial services industry. Some of these measures include the banking sector consolidation, capital market reform and measures aimed at addressing corporate governance issues. It is within this context that this work is situated. Hence, its objective is to investigate the extent democracy and financial developments have impacted on economic growth in Nigeria. The dynamic OLS (DOLS) estimator has been employed to estimate the long-run equilibrium relationship among the variables. In line with existing studies in the literature such as Alvarez & L6pez (2013) and Ayadi, Arbak, Naceur, & De Groen (2015), the three measures of financial development are Credit (as a % of GDP), broad money (as a % of GDP), and market capitalization (as a % of GDP). Using factor analysis, this study develops a composite index of financial development (FINDEV). A binary variable has been used to capture Democracy. The results show that Democracy and Financial Development have very high and significant impacts on Economic growth of Nigeria. This therefore, calls for invigorated efforts to strengthen democratic rule in Nigeria while at the same time ensuring that good policies targeting the financial sector are sustained.en_US
dc.identifier.citationNwaogwugwu, I.C (2018). Democracy, Financial Development and Economic Growth in Nigeria. Journal of Strategic and International Studies, Vol.XIII (4), 100-107p.en_US
dc.identifier.issn2326-3636
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/4033
dc.language.isoenen_US
dc.publisherAcademic Organization for Advancement of Strategic and International Studiesen_US
dc.relation.ispartofseriesJournal of Strategic and International Studies;Vol.XIII (4)
dc.subjectDemocracyen_US
dc.subjectFinancial Developmenten_US
dc.subjectEconomic growthen_US
dc.subjectNigeriaen_US
dc.subjectResearch Subject Categories::SOCIAL SCIENCES::Business and economics::Economicsen_US
dc.titleDemocracy, Financial Development and Economic Growth in Nigeriaen_US
dc.typeArticleen_US
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