Financial and Industrial Sectors Development in Nigeria
AbstractThe study examined the impact of the financial and industrial sectors on the Nigerian economy. Techniques such as the Augmented Dickey-Fuller Test, Bound Test, and Autoregressive Distributed Lag are used. The Central Bank of Nigeria Statistical Bulletin was used to obtain secondary data from 1986 to 2019. According to the results of the Bound Test, there is a long-run relationship between the proportion of the money supply to GDP, credit to the private sector as a percentage of GDP, capital market ratio, lending rate, and total savings to GDP. According to the ARDL findings, money supply as a percentage of GDP has a short-term negative influence on industrial sector productivity but a long-term positive impact. Loans to the private sector as a percentage of GDP had a detrimental influence on industrial sector productivity in both the short and long run, whereas the capital market ratio had a positive impact. Finally, the loan rate and total deposit as a percentage of GDP had a negative impact on industrial sector productivity. When compared to the short run, the study found that financial sector development had little impact on the industrial sector in the long run.
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