Financial firms' services are considered germane to an economy's expansion universally. 2015-2016 economic and financial in Nigeria can be accredited to the hollowness of the financial firm contracting the economy by 2.06%, 63.7% market capitalization, and 67.2% in all share indexes losses. Prior empirical techniques focus primarily on finance-growth linear nexus. Which begs the question is the reported linear nexus a function of the linear assumption test power or earth evidence? The baseline ARDL and NARDL techniques are used in this research. To observe if there is a possibility of a non-linear association, for structural breaks, the Zivot and Andrews tests were used, as well as Granger causality to test for causality. From 1999Q1-2019Q4, quarterly data from the three arms of financial firms "insurance, banking, and stock market" were used. Findings revealed that economic growth adjusts non-linearly at a faster pace. A variety of macro-non-macroeconomic and financial factors can be implicated in the non-linear adjustment. A bi-directional link between the variables was revealed by causal nexus.

The focal point of this research was to establish the liquidity-viability link in quoted non-financial firms in Nigeria. Liquidity improves the profitability of firms but not its solvency. The solvency and performance of a firm exclusively anchor on the firm's capacity to realize the "twin conflicting" targets of liquidity sufficiency and stable growth through a diversified and stable asset-liability mix. The firm's inability to strike an equilibrium balance among meeting financial obligations, sufficient liquidity and profitability has led to insolvency of most firms in Nigeria. Most empirical studies in Nigeria ignore effect of cash flow management on the non-financial sector to focus on the financial sector. Use the regression model predominantly and also ignore the widely accepted econometric process of a pre and post diagnostic test. This study focuses on 13 quoted non-financial sectors in Nigeria firms from 1999-2020. The preliminary test was conducted to determine the best fit model. Liquidity proxy by the current ratio significantly influences ROE and non-significantly on ROE when proxy by the cash flow ratio. Findings also divulged a bidirectional nexus between current ratio, cash flow ratio, and ROE and a non-causal nexus with other variables. Policy recommendations are further discussed.

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