FINANCIAL INTEGRATION AND ECONOMIC GROWTH IN NIGERIA
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ABSTRACT
This study investigated the effect of financial integration on economic growth in Nigeria from 1986 to 2020. In this study, financial integration variables such as foreign direct investment inflow, foreign portfolio investment inflow, trade openness, financial deepening, foreign remittances and official development assistance were employed as the independent variables, while real gross domestic product was used as the dependent variable. Six research questions and six hypotheses were formulated. Relevant conceptual, theoretical and empirical literatures were reviewed. The study was anchored on theory of financial liberalization and endogenous growth theory. These theories were adopted because they are germane in explaining the relationship between financial intermediation and economic growth. The study adopted longitudinal research design. Data were sourced on these variables from the Central Bank of Nigeria Statistical Bulletin, 2020 and World Development Indicators. Descriptive statistics, Augmented Dickey Fuller unit root test, Johansen Cointegration Test and Error Correction Mechanism (ECM) were employed in analyzing the data. The analysis was done with the aid of e-view version 9.0. The study found that foreign direct investment, foreign portfolio investment inflow, trade openness, financial deepening and official development assistance have significant effect on economic growth while foreign remittances have no significant effect on economic growth in Nigeria. The study concludes that financial integration has significant positive impact on economic growth in Nigeria. The study recommended amongst others that government needs to put in place appropriate macroeconomic policies and institutions that will drive the benefits of financial integration in order to sustain economic growth and development.
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