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- Title
FINANCIAL DEVELOPMENT, HUMAN CAPITAL AND ECONOMIC GROWTH IN NIGERIA: AN EMPIRICAL ANALYSIS.
- Authors
ORJI, ANTHONY; OGBUABOR, JONATHAN E.; NWOSU, EMMANUL; ANTHONY-ORJI, ONYINYE I.; ISAAC, SHAAPERA TERSOO
- Abstract
This study investigated the impact of financial development on economic growth in Nigeria through the human capital channel. It also ascertained the direction of causality between financial development and human capital development. In order to address the objectives, the study utilized Autoregressive Distributed Lag (ARDL) model and Toda and Yamamoto Granger causality model. The result obtained from ARDL estimation showed that financial development through human capital development channel has positive and significant impact on economic growth in Nigeria. It was also discovered that stock market development passing through human development channel has positive and significant impact on economic growth. Also, the study observed that Toda and Yamamoto Granger causality test showed the existence of unidirectional causality running from financial development to human capital development in Nigeria. In view of these, the study concluded that policies meant to improve the contribution of financial development and stock market development on economic growth should be evolved. Again, the study recommended that financial and stock market education should be incorporated into the schools' curriculum starting from secondary schools. This would help to improve the quality human capital, enhance the perception of people in these areas and to help them make informed financial decision which would increase economic growth.
- Publication
Journal of Academic Research in Economics, 2019, Vol 11, Issue 3, p507
- ISSN
2066-0855
- Publication type
Academic Journal