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" Effects of Financial Sector Indicators on Sustainable Development in Nigeria "
Ademokoya, Alade Ayodeji
Abdullahi, I. B.
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Latin Dissertation
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| Language of Document
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English
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| Record Number
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1052391
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| Doc. No
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TL51508
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| Main Entry
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Ademokoya, Alade Ayodeji
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| Title & Author
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Effects of Financial Sector Indicators on Sustainable Development in Nigeria\ Ademokoya, Alade AyodejiAbdullahi, I. B.
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| College
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Kwara State University (Nigeria)
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| Date
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2019
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| Degree
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Ph.D.
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2019
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| Note
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185 p.
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| Abstract
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Financial system has been recognized in the literature as a potential that could drive sustainable development in the developing nations and Nigeria is no exception. Nigeria was among the 193 nations that signed the United Nations General Assembly (UNGA) pact for sustainable development in 2015, aiming to be among those nations that will be sustainably developed by year 2030, which implies a rapid development in the three main pillars of sustainable development: higher adjusted net savings (sustainable economic development), reduction in income inequality (sustainable social development), and environmental safety for all Nigerians (sustainable environmental development).Unfortunately, with just eleven (11) years to achieving these targets problems still persist in the three main pillars of sustainable development in Nigeria, as the growth rates failed to keep pace with that of the developed nations over the past four decades; high presence of poverty coupled with an extreme level of income gap; and increase in levels of various environmental pollution in Nigeria. This study therefore, examined the effect of financial sector indicators on sustainable development in Nigeria. The Specific objectives of this study were to: (i) examine the effect of financial sector indicators on sustainable development in Nigeria; (ii) evaluate the impact of financial sector indicators on sustainable economic development in Nigeria; (iii) investigate the impact of financial sector indicators on sustainable social development in Nigeria; and (iv) assess the influence of financial sector indicators on sustainable environmental development in Nigeria. Time series data from 1986-2015 were obtained from various sources and were subjected to unit root test, and other diagnostic tests such as: the Langrange Multiplier (LM) serial correlation tests, Breusch-Pagan-Godfrey heteroschedasticity test, normality of residuals test, Ramsey’s RESET misspecification test, and the stability test. The long run associations for all variables were confirmed using bounds test, and the Autoregressive Distributed Lag (ARDL) short run and long elasticities were estimated. Findings reveal that: The ratio of credit to the private sector as a percent of GDP has a positive effect on sustainable development (P < 0.01); a positive effect on adjusted net savings (P < 0.01); a negative effect on income inequality (P < 0.01); and a negative effect on environmental quality (P < 0.1); and therefore, significantly affects sustainable development in Nigeria. The ratio of broad money to GDP has a positive effect on sustainable development (P < 0.01); a negative effect on income inequality (P < 0.01); and has no effect on environmental quality (P > 0.1); and therefore, significantly influences sustainable development in Nigeria Ratio of stock market capitalization to GDP has a positive effect on sustainable development (P < 0.01); a positive effect on income inequality (P < 0.1); and a negative effect on environmental quality (P < 0.05); and therefore, significantly affects sustainable development in Nigeria Ratio of total shares traded to GDP has positive effect on sustainable development (P < 0.01); a positive effect on adjusted net savings (P < 0.1); a non-significant effect on income inequality (P > 0.1); and a positive effect on environmental quality (P < 0.01); and therefore, significantly affects sustainable development in Nigeria. Ratio of gross insurance premium to GDP has a negative effect on sustainable development (P < 0.01); has no effect on adjusted net savings (P > 0.1); non-significant impact on income inequality (P > 0.1); and has a negative effect on environmental quality (P < 0.05); and therefore, does not significantly influence sustainable development in Nigeria. This study concluded that the indicators of banking and stock market sub-sectors of the financial sector significantly influence sustainable development in Nigeria. Study therefore, recommends that the government through its regulatory authorities should pay more attention to the banking and stock market sub-sectors of the financial system in order to make them resilient, effective and efficient towards channeling funds to productive or growth driven sectors, while ensuring that eco-friendly technologies are acquired by industries respectively for environmental safety, thereby propelling sustainable development in Nigeria.
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| Descriptor
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African studies
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Finance
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Sustainability
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Abdullahi, I. B.
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Kwara State University (Nigeria)
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