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Financial Development and Economic Growth in Nigeria: New Evidence from a Threshold Autoregressive and Asymmetric Analysis

Nuraddeen Umar Sambo

,

Ibrahim Sambo Farouq

,

Ali Umar Ahmad

,

Aminu Hassan Jakada

,

Ismail Aliyu Danmaraya

,

Saadatu Suleiman Sanusi

Nuraddeen Umar Sambo 1
Ibrahim Sambo Farouq 2

Ali Umar Ahmad 3
Aminu Hassan Jakada 4
Ismail Aliyu Danmaraya 5
Saadatu Suleiman Sanusi 6

  1. Wold Bank Group, Nigeria. 1

  2. University Sultan Zainal Abidin, Faculty of Business and Management, Gong Badak Campus, Terengganu, Malaysia. 2

  3. University Malaysia Terengganu, Faculty of Maritime Management, Gong Badak Campus, Terengganu, Malaysia. 3

  4. Federal University Dutse, Economics Department, Nigeria. 4

  5. School of Art and Science, American University of Nigeria. 5

  6. University Malaysia Terengganu, Computer Science Department, Gong Badak Campus, Terengganu, Malaysia. 6

Pages: 207-218

DOI: 10.18488/journal.62.2021.83.207.218

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Article History:

Received: 22 December, 2020
Revised: 18 January, 2021
Accepted: 02 February, 2021
Published: 15 February, 2021


Abstract:

Financial development is concerned with policies, procedures and initiatives to increase the financial access, depth and productivity of financial institutions and financial markets. To that regards, this paper investigates the asymmetric relationship between financial development and economic growth by incorporating financial globalization uncertainty and inflation into a production function covering the Nigerian economy from 1980–2019. The threshold Autoregressive co-integration and nonlinear autoregressive distributed lag techniques are applied to examine the asymmetric cointegration between the variables, as well as the degree of the relationship among the variables. The results indicate long-run relationship between the parameters in the light of asymmetries. The asymmetric estimation results show that positive shock of financial development dampen economic growth. By comparison, symmetrically, the negative shock of the financial development improves the productivity growth of the Nigerian economy. Finally, while inflation shows a positive relationship, the financial globalization uncertainty indicates insignificant result. The implications of the said findings for productivity policies in Nigeria are also discussed.
Contribution/ Originality
This study contributes to investigating the asymmetric relationship between financial development and economic growth by incorporating financial globalization uncertainty and inflation into a production function covering the Nigerian economy from 1980.

Keywords:

Financial development, Globalization uncertainty, Growth, Nigeria, Asymmetries, Nigeria.

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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