Do the dynamics of financial development spur economic growth in Nigeria’s contemporal growth struggle? A fact beyond the figures

Rafindadi, Abdulkadir Abdulrashid; Yusof, Zarinah

doi:10.1007/s11135-014-9991-0

Cited by 26 publications

(9 citation statements)

References 32 publications

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“…There are various proxies for measuring financial development in the literature. In the main analysis, we align with the choice of credit to private sector as a ratio of GDP to measure financial development in line with Rafindadi and Yusof [54][55][56][57] and Rafindadi and Ozturk [61]. The argument in support of our choice rests on the reasoning that funding for the private sectors' productive activities will boost economic growth than other known measures of financial development.…”

Section: Robustness Checksmentioning

confidence: 68%

“…In the first category for example, Kargbo and Adamu [30] in Sierra Leone and Uddin et al [71] in Kenya find evidence that corroborates the finance-led growth hypothesis showing that financial development exerts a significant positive effect on growth. Further, Rafindadi and Yusof [57] investigate the finance-growth nexus and find that financial development stimulates both shortrun and long-run economic growth in Nigeria. The result is, however, mixed in Esso [21] on the validation of supply-led and demand-following hypothesis.…”

Section: Empirical Literature Reviewmentioning

confidence: 99%

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ICT diffusion and the finance–growth nexus: a panel analysis on ECOWAS countries

Alimi

Adediran

2020

Futur Bus J

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In this study, we rely on the extension of the endogenous growth theory to consider the role of ICT diffusion in the finance-growth nexus theoretically informed via the supply-leading and demand-following theses. Motivated by current realities highlighting the significance of information and communication technologies (ICTs) to modern societies, the study evaluates the foregoing research objective in ECOWAS countries over the 2005-2016 period based on the justification of the ICT diffusion into the ECOWAS region around the early 2000s. Innovatively, the study constructs an ICT diffusion index covering fixed telephone lines, mobile cellular subscription and Internet penetration as relevant media for ICT dispersion. We adopt the pooled mean group estimator on a dynamic panel ARDL model for robust analysis of the subject matter. We find that financial development (its main and alternative measure) alone inhibits growth of ECOWAS countries, but its interaction with ICT diffusion promotes economic growth in the region. The implication of our research findings for the West African region is that financial sector development efforts have to be strengthened by investment in ICT infrastructure, improved Internet penetration and further integration of electronic finance policies.

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Section: Robustness Checksmentioning

confidence: 68%

Section: Empirical Literature Reviewmentioning

confidence: 99%

ICT diffusion and the finance–growth nexus: a panel analysis on ECOWAS countries

Alimi

Adediran

2020

Futur Bus J

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“…In the second step, after establishing cointegration relationship among the variables, long-run coefficient of the ARDL model can be estimated following Rafindadi and Yusof (2013a;2013b;2013c). See also; Rafindadi and Ozturk (2015) and Rafindadi and Yusof (2015). See also Rafindadi (2014a;2014b) and Rafindadi (2016a;2016b;2016c): 1 In the first instance, Ghatak and Siddiki (2001).…”

Section: Model Estimation Proceduresmentioning

confidence: 96%

“…To support the direction of this argument, Rafindadi and Yusof (2015) established that the concept of economic growth within the sub-Saharan continents of Africa has been quite epileptic, unsustainable and even where it exist, it is marred by incessant macroeconomic instability and financial crisis. Supporting this assertion was the findings of Fowowe (2008) in his leading studies, the author established that:…”

Section: Introductionmentioning

confidence: 99%

Growing the Growth of the Ghanaian Economy: Is the Function of the Countrys Financial Development of Any Significance?

Rafindadi

Aliyu

2017

Asian Economic and Financial Review

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“…Our leaders are not developing both in mind and mentality, so can barely engage a simple democratic process without displaying our over zealousness towards corruption, greed and materialistic instincts, thereby opposing the view of Sole (2008). See similar findings in Rafindadi and Yusof (2013) and Rafindadi and Yusof (2014a); Rafindadi and Yusof (2014b); Rafindadi and Yusof (2014c); Rafindadi and Yusof (2014d);Rafindadi and Yusof (2014d) Rafindadi and Yusof (2015). The haphazard autonomous structure of the local system of government with stiffing state control keeps the local government handicap even in carrying out its duty as the grass-root government closer to the rural people.…”

Section: Discussion Of Resultsmentioning

confidence: 57%

Public Finance and Rural Development in Nigeria: Empirical Evidence from the Structural Equation Modeling

Rafindadi

Kondo

2018

Asian Economic and Financial Review

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This study looks at the Nigerian public finance system and the quality of life in rural areas. Specifically the study aims at assessing the implementation and elements leading to the constraints to rural investment in those infrastructural facilities that help in improving or enhancing the quality of rural life in Benue state Nigeria. Data was gathered from nine local government areas in Benue state. Two-hundred and seventy questionnaires (270) were distributed (i.e. Thirty questionnaires duly distributed to each selected local government) and a total of two-hundred and forty-two were returned. A comparative methodological approach of multiple-regression analysis and the structural equation modeling (SEM) was adopted. Findings of the SEM analysis revealed that public finance in rural areas of the selected sample size in Nigeria has not been effective and efficient in all ramifications. While the result from the regression model established that, the five key indices used in the study established poor respective outcome. These were found to be due largely from the joint account system between the state/local government which poses serious challenge when it comes to the issue of financing rural infrastructural projects and other social amenities. The study recommends among others the need for a newly architected public finance system in local governments in Nigeria and this should be directed in a way and manner that will be efficient and prudent to move the developmental prospects of the local governments in the rightful direction in Nigeria. Contribution/ Originality:The study in its contribution documents how the state/local government joint account system served as the major impeding factor to the success of the public finance system in rural development.

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Do the dynamics of financial development spur economic growth in Nigeria’s contemporal growth struggle? A fact beyond the figures

Cited by 26 publications

References 32 publications

ICT diffusion and the finance–growth nexus: a panel analysis on ECOWAS countries

ICT diffusion and the finance–growth nexus: a panel analysis on ECOWAS countries

Growing the Growth of the Ghanaian Economy: Is the Function of the Countrys Financial Development of Any Significance?

Public Finance and Rural Development in Nigeria: Empirical Evidence from the Structural Equation Modeling

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