The interrelationship between financial system development and the economic growth of the Nigeria has been studied through this work. A times pan from 1990-2020 has been selected here. The financial development index and money supply (MS) had positive and non-significant impact on the real GDP. The following recommendations were made based on results of the study; that the monetary authority should repeal the financial inclusion secretariat with financial system development secretariat to broaden policies on financial inclusion and entrench the depth, access and efficiency of the financial system, policies on cyber security should be pursued vigorously to afloat contemporary issues in global financial system and plausible monetary tools embraced for optimal money supply in the economy.

Domestic economic fundamentals play a vital role in determining the performance of stock market and stock returns, and stock market being an important part of the financial system should have a systemic linkage with fundamentals of the economy. Scholars have used macroeconomic factors to explain stock returns and found that changes in some macroeconomic variables was associated with risk premium. But as major economic factors affecting the stock exchange operation, the impact on stock returns especially on financial institutions remains ambiguous. Therefore, the paper examined the effect of interest rate, exchange rate and inflation rate on stock returns of banks quoted on the Nigeria stock exchange, 2007 to 2017. Researchers applies ordinary least square regression, and results revealed that interest rate had negative and significant impact on stock returns, exchange rate had positive and insignificant impact on stock returns and inflation rate had negative and insignificant impact on stock returns within the time under review. Base on the findings, researchers' recommends that sectoral allocation of credits should be directly administered on the Nigeria stock exchange markets to curtail the high cost of capital arising from scarcity of funds, monetary authorities should design special exchange rate regime for investors in the Nigerian stock exchange markets to guarantee the value of returns on investment and mitigates the effect of exchange rate volatility on stock performance and plausible monetary policy tools should be utilized to control inflation and its negative effect on stock returns.

This study investigated financial system development in emerging economies of Mexico, Indonesia, Nigeria and Turkey (MINT)with a view to ascertaining the level of financial institutions and markets depth, access and efficiency and intradependency of these financial system development indicators in member countries from 2000-2020. Comparatively, the level financial institutions and markets depth, access and efficiency in some MINT member countries were below standards for emerging economies especially in Nigeria, while some performed above the benchmark.VAR results revealed that indicators of financial system development were strongly endogenous and exogenous in the short and long run except financial institutions efficiency and financial markets depth, depicting independent influence and significant self-predictions. Based on the findings, researchers recommends that MINT monetary zone should be established to facilitate cross border effect of financial institutions and markets development in member states, and there should be common policy measure to pursue a robust financial institutions and markets development to complement and harness innovations in the different components of the financial system.