Nexus between Financial System Development and Economic Performance of Developing Economies: Perspective of the Nigerian Economic Growth

Abstract

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.