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Anthony-Orji, Onyinye
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Religion Humanities Economics, Econometrics & Finance Education Social Sciences

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Investigating the Financial Inclusion, Domestic Investment, and Financial Development Nexus in Nigeria Anthony-Orji, Onyinye; Orji, Anthony; Jude, Ikubor O.; Ogbuabor, Jonathan E.
Unisia Vol. 41 No. 1 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/unisia.vol41.iss1.art1

Abstract

Nigeria is a developing nation with a population of over 200 million. Of this aggregate, approximately 106 million are aged 18 years and above. Of this adult population, 70 million live in rural areas, and many do not have adequate access to relevant financial products and services. The proportion of individuals and firms that use or have access to financial services can be referred to as financially inclusive. This study analyzes the impact of financial inclusion and domestic investment on Nigeria’s financial development. Multiple regression analysis was employed in this study which spanned over the period, 1982-2021. The empirical results reveal that financial inclusion and domestic investment have positive impacts on financial development; however, domestic investment has a more significant impact to a larger extent. The study recommended that policies should be directed towards creating a more inclusive financial system to improve the current level of financial inclusion to achieve better financial development in Nigeria. This study concludes that governments should formulate policies that boost financial inclusion and investment to deepen the level of financial development in the economy.
Analysis of Fiscal Policy, Informality, and Economic Growth Nexus in Nigeria Okeke, Chiamaka Lucy; Orji, Anthony; Nwosu, Emmanuel; Anthony-Orji, Onyinye
Unisia Vol. 42 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/unisia.vol42.iss1.art16

Abstract

This study investigates the impact of fiscal policy on the informal sector and economic growth in Nigeria. In this study, fiscal policy is unbundled into two distinctive categories: government spending and tax burden. The study adopted the ARDL model and bound cointegration test to ascertain whether there is evidence of long- or short-run equilibrium relationships among the core variables. The results show that government expenditure has a positive and significant effect on the size of Nigeria’s informal sector. In the long run, tax or tax burden has no significant effect on the size of the informal sector in Nigeria. This might be attributed to the fact that not a significant number of businesses is captured in the tax net. The results further show that fiscal policy, measured as total government expenditure, has no statistically significant effect on Nigeria’s economic growth in the short run. However, a change in the tax burden has a positive and statistically significant effect on Nigeria’s economic growth. The study recommends that the government implement market-friendly policies that would help integrate the informal economy with the formal economy to boost government tax revenue and enhance fiscal discipline.
Co-Authors Jude, Ikubor O. Nwosu, Emmanuel Ogbuabor, Jonathan E. Okeke, Chiamaka Lucy Orji, Anthony