ABSTRACT
This study is aimed to investigate the relationship that existing between financial intermediation and economic growth in Nigeria. In order to achieve this, secondary data was collected from the CBN statistical bulletin covering a period of 41 years and analyzed using multiple regression analysis. The findings of data analysis revealed that there is an overall correlation between Financial Intermediation Variables and Gross Domestic Product of about 93.2%. The findings also indicated that the financial intermediation variables of financial deepening and commercial bank credit to the private sector could be used to predict as much as 86.9% of the changes in Gross Domestic Product. On the basis of the above findings, the following recommendations were made: There should a sustained effort to reform the financial system, removal of bottlenecks in policy implementation and eradication of corruption in the system. The ongoing development of e-banking systems and platforms by banks should be encouraged and sustained in order for investors to reap the benefit seamless financial transactions. Finally, the CBN in conjunction with commercial banks should develop products and policies that will be targeted at the un-banked sections of the populace.
INTRODUCTION
................ In every economy, there exist some economic units who posses fund in excess of the amount they require. On the other hand, there also exist some units that have needs for more funds than they posses. When this situation prevails, the process of financial intermediation play the very important role of providing the necessary mechanisms and institutions through which equilibrium in the demand and supply of funds can be achieved. According to Ezirim (2005), finance provides the economic system the allocative conduit through which scattered savings of the masses of society are first aggregated and then disaggregated among economic units.
The importance of financial intermediation to economic development is increasingly being recognized especially in developing countries. Financial intermediation refers to the process by which financial institutions transfer financial resources from surplus sectors to deficit ones. For this purpose, a distinction is sometimes made between the financial sector and the real sector of the economy. The financial sector mobilizes savings and allocates same to the real sector for investment, to achieve growth and development. The implication of the above is that the process of financial intermediation of paramount importance for any given country to achieve its macro-economic objectives of growth and development. There are numerous institutions through which financial intermediation is achieved in any market based economy. These are banks and other non-bank financial institutions including the stock market, insurance companies, discount houses etc. the onus is that through these institutions, savings or idle funds are aggregated and channeled into productive sectors of the economy.
The concept of financial intermediation is not new for decades, it has been a subject of study at both the macro-level, and the micro-level. At the macro-level, there is consensus among many researchers that financial intermediation play leads to economic development. While some argue that it facilitate the efficiency of the financial system (Gromb and Vayanos, 2010), others have also argued that it serves as a conduit through which monetary policy is effected (Benstom and Smith, 1975) and contracts, not available in the financial market, are implemented. ...............
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TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF THE PROBLEM
1.3 PURPOSE OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 RESEARCH HYPOTHESES
1.6 SIGNIFICANCE OF THE STUDY
1.7 DEFINITION OF TERMS
1.8 LIMITATIONS OF THE STUDY
1.11 SCOPE OF THE STUDY
1.12 ORGANIZATION OF THE STUDY
REFERENCES
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.0 INTRODUCTION
2.1 THEORETICAL FRAMEWORK
2.2 STRUCTURE OF THE NIGERIA FINANCIAL SYSTEM
2.2.1 THE CENTRAL BANK OF NIGERIA (CBN)
2.2.2 THE BANKING SUBSECTOR
2.2.3 INSURANCE INDUSTRY
2.2.4 CAPITAL MARKET
2.2.5 OTHER FINANCIAL INSTITUTIONS
2.2.6 PENSION FUND MANAGERS
2.3 FUNCTIONS OF THE FINANCIAL SYSTEM
2.4 HISTORY AND DEVELOPMENT OF NIG FINANCIAL SYSTEM 29
2.5 REFORM AND REGULATION OF NIGERIA BANKING SECTOR 34
2.6 FINANCIAL INTERMEDIATION AND THE NIGERIA ECONOMY
REFERENCES
CHAPTER THREE: RESEARCH METHODOLOGY
3.0 INTRODUCTION
3.1 RESEARCH DESIGN
3.2 SAMPLE PROCEDURE AND DATA COLLECTION METHOD
3.3 DATA ANALYSES TECHNIQUES
3.4 MODEL SPECIFICATION
REFERENCES
CHAPTER FOUR: DATA AND PRESENTATION ANALYSIS
4.1 INTRODUCTION
4.2 DATA PRESENTATION
4.3 HYPOTHESIS TESTING
4.3.2 HYPOTHESES
4.3.2 INTERPRETATION OF DATA ANALYSES RESULTS
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 INTRODUCTION
5.2 SUMMARY AND FINDINGS
5.3 CONCLUSION
5.4 RECOMMENDATIONS
BIBLIOGRAPHY
APPENDIX
Reference code: c018
Reference code: c018
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71 Pages
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