Financial Inclusion and Inclusive Growth in Nigeria Between 1981 and 2017



financial inclusion, inclusive growth, ARDL


The paper examines the long-run relationship between financial inclusion and growth in Nigeria for the period 1981-2017.Using data from the Central Bank of Nigeria statistical bulletin 2018 and the World Development Indicator 2018, the study applies econometrics to examine effects of credit to private sector, money supply, Interest rate and Government Expenditure on Per capita Gross Domestic Product. The results of the ARDL show that financial inclusion increases inclusive growth and makes easy access to loan for investment. The study also validates the finance led growth hypothesis and establishes that finance causes growth in Nigeria. Given the findings, policy makers need to focus more on long run financial policies that can enhance the effectiveness of the financial sector (both money and capital markets) in promoting growth. Additionally, the government should work to provide an enabling environment and create awareness to enhance public trust in the country’s financial system.

JEL Classification: O40


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How to Cite

Maku, O., Lawal, R., Soyemi, C., & Adenaike, A. (2022). Financial Inclusion and Inclusive Growth in Nigeria Between 1981 and 2017. Tanzanian Economic Review, 12(1), 78-92. Retrieved from