Department of Finance

This study investigates the effect of interest rate fluctuations on the performance of deposit money banks in Nigeria over the period 1981 to 2023. Specifically, the study examines the impact of lending interest rate (LIR), deposit interest rate (DIR), and interest rate volatility (IRV) on bank performance, measured by aggregate return on assets (ROA). Time-series data sourced from relevant financial and institutional databases were analysed using the Robust Least Squares (RLS) estimation technique, which accounts for heteroskedasticity and specification errors. The findings reveal that lending interest rate has a statistically significant positive effect on bank performance, while interest rate volatility exerts a significant negative influence. In contrast, deposit interest rate does not significantly affect performance. Based on these findings, the study recommends the implementation of flexible but well-structured lending rate policies to support bank profitability, dynamic deposit pricing strategies to improve funding stability, and consistent monetary policy frameworks to minimise interest rate volatility and promote financial system resilience.

This study examined the impact of capital market fundamentals measured by (MCAP, ASI, TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root
testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, This study examined the impact of capital market fundamentals measured by (MCAP, ASI, TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, ASI, TVT, and LE collectively exert a statistically significant impact on Nigeria’s economic growth, indicating the cumulative importance of the capital market over extended periods. Market Capitalization (MCAP) does not
have a statistically significant short-run impact on Nigeria’s economic growth. All Share Index (ASI) does not have a statistically significant short-run impact on Nigeria’s economic growth. Total Value of Transactions (TVT) does not have a statistically significant short-run impact on Nigeria’s economic growth. In line with findings and conclusions, the study recommends, among others, that the Nigerian Exchange Group Should Strengthen the performance of Listed Equities: The Nigerian Exchange and regulatory bodies should prioritize policies that encourage the listing of high-performing companies, enforce corporate governance standards, and attract both domestic and foreign investors. These measures will help sustain the short-run economic benefits of
equity trading. Also, the Nigerian Exchange Group Should Promote long-runcapital market development: The government should implement reforms aimed at deepening the capital market through enhanced infrastructure, transparent regulatory frameworks, and policies that reduce systemic risk and enhance investor confidence.

TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, This study examined the impact of capital market fundamentals measured by (MCAP, ASI, TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, ASI, TVT, and LE collectively exert a statistically significant impact on Nigeria’s economic growth, indicating the cumulative importance of the capital market over extended periods. Market Capitalization (MCAP) does not have a statistically significant short-run impact on Nigeria’s economic growth. All Share Index (ASI) does not have a statistically significant short-run impact on Nigeria’s economic growth. Total Value of Transactions (TVT) does not have a statistically significant short-run impact on Nigeria’s economic growth. In line with findings and conclusion, the study recommends among others that the Nigerian Exchange Group Should Strengthen the performance of Listed Equities: The Nigerian Exchange and regulatory bodies should prioritize policies that encourage the listing of high-performing, enforce corporate governance standards, and attract both domestic and foreign investors. These measures will help sustain the short-run economic benefits of equity trading. Also, The Nigerian Exchange Group Should Promote long-run capital market development: The government should implement reforms aimed at deepening the capital market through enhanced infrastructure, transparent regulatory frameworks, and policies that reduce systemic risk and enhance investor confidence.

This study explores the relationship between foreign capital outflows and economicgrowthin Nigeria, with a particular focus on how factors such as Foreign Direct Investment (FDI),Foreign Portfolio Investment (FPI), interest rates, inflation rates, foreign remittances, andother forms of development assistance contribute to or are impacted by capital outflows. Theresearch investigates the interactions between these factors and their effects on keyaspectsofeconomic performance, including investment levels, employment rates, andindustrialproductivity. By analyzing historical data, the study reveals that foreign capital outflowsdriven by factors such as fluctuating interest rates, inflation, and weak policyframeworksnegatively affect Nigeria's long-term economic growth. Additionally, the role of foreignremittances and development assistance is examined, suggesting that while theyoffersomeeconomic relief, they are insufficient to counterbalance the broader challenges posedbycapital flight. Based on these findings, the study provides policy recommendations aimedatcurbing capital outflows, improving the investment climate, and leveraging FDI, FPI, andremittances to foster more stable and sustainable economic growth in Nigeria.

This study examines the impact of alternative financial channels on the financial performance of Nigerian banks, with a focus on mobile banking, AutomatedTellerMachine (ATM) services, Point of Sale (POS) services, and internet banking. ReturnonAssets (ROA) was employed as the primary measure of bank financial performance. Datawere collected from a sample of 70 deposit money banks and analyzed using descriptivestatistics, correlation analysis, diagnostic tests, and regression analysis. The descriptiveanalysis revealed significant variations in ROA and the adoption of alternative bankingchannels across banks. Correlation and regression results indicated that mobile bankinghas a significant negative ef ect on bank performance, while ATM, POS, andinternet banking services did not exhibit a statistically significant impact on ROA. Conversely, bank size and market share were found to positively and significantly influence financial performance, highlighting the importance of scale and competitive positioning. Thestudyconcludes that although technology-driven financial channels enhance service deliveryand market accessibility, their direct contribution to profitability is contingent oncost management and strategic implementation. The study recommends that banks optimizemobile banking operations, strategically deploy ATM and POS infrastructure, leveragebank size for ef iciency gains, and adopt measures to expand market share to enhanceprofitability. The findings contribute to the understanding of how digital bankinginnovations af ect financial performance in emerging markets such as Nigeria.a

This empirical study investigated the impact of non-bank financial institutions on economic development in Nigeria from 2003 to 2022. Specifically, the research aimed to determine the impact of Primary Mortgage Institutions Total Assets and Economic Development in Nigeria; the impact of Finance Companies Total Assets and Economic Development in Nigeria, and the impact of inflation rate on GDP per capita of Nigerians. Secondary data on gross domestic product (GDP), Primary Mortgage Institutions Total Assets (PMITA), Finance Companies Total Assets (FCTA) and Insurance Companies Total Assets (ICTA) were sourced from CBN Statistical Bulletins and statistical Directory of the National Insurance Commission from the period of 2003 to 2022. The methodology adopted was Auto Regressive Distributed Lag (ARDL) model. The findings reveal that there is a significant relationship between Primary Mortgage Institutions Total Assets and economic development in Nigeria; also, that there is a significant relationship between Finance Companies Total Assets and economic development. And finally, a significant relationship between Insurance Companies Total Assets and economic development in Nigeria. The study recommended that; the government should establish a conducive environment, potentially through tax holidays and concessions, to foster the swift growth of the Non-Bank Financial industry; there should be restructuring and consolidations implemented in the insurance industry; and finally, Nigerian Primary Mortgage Institutions (PMIs) should assume a more robust role to augment housing delivery.

The study empirically examined the impact of financial technology on performance of deposit money banks in Nigeria over the period 2009Q1 to 2024Q4. The specific objectives of the study were to find out whether automated teller machine (ATM), point of sales terminal (POS), internet banking (INTB) and mobile banking (MOB) have significant relationship with deposit money banks performance. The fully modified least squares method was used for the analysis of data, and the results obtained revealed that automated teller machine (ATM) had significant negative relationship with deposit money banks performance;
point of sales terminal (POS) had a weak negative relationship with DMBP; internet banking (INTB) had a significant positive impact on performance, and while mobile banking (MOB) has a weak positive relationship with deposit money banks performance in Nigeria. The study conclude that in the determination of deposit money banks performance in Nigeria, ATM, POS and
INTB are relevant financial technology factors to be considered because of their critical role in ensuring high level of performance of deposit money banks in Nigeria. The study recommends among others that, management should continue to ensure that more ATM stands or points where customers can easily withdraw money, especially those who in-hard-to reach areas should be provided. Regular and routine servicing and monitoring of these ATM machines must be carried out. These will go a long way to enhance overall banks’ performance in the country.

The impact of financial technology on economic development in nigeria, using descriptive statistics, correlation analysis and the panel data techniques. The random-effect method is thus applied for estimating the SGR model based on the Hausman test result. Overall, findings from the study seem to provide evidence that digital banking devices variables are critical factors that influences the sustainable growth rate of listed deposit money banks in Nigeria. Based on the findings of this study, the study recommends that banks should provide more automated teller machine and also improve on its security be encouraged more people to use it. Also, the Central Bank of Nigeria and deposit money banks should make POS more accessible to all individual or businesses and also reduce the fee charged on POS terminal usage. Furthermore, banks should collaborate with network providers to ensure that the network provider provide 4G network that is very fast so that customer will be motivated to use this digital banking devices. Additionally, banks should fortify their cyber security as this will reduce the incidence of cyber-crimes which will encourage more people to carry out internet banking. Management of banks should invest more on digital banking devices like mobile banking, point of sales, automated teller machine and internet banking.

This study investigates the relationship between financial inclusion and economic growth in Nigeria for the period 2000 to 2024. Financial inclusion was measured using the number of bank branches per 100,000 adults, automated teller machines (ATMs) per 100,000 adults, borrowers from commercial banks per 1,000 adults, and current account holders per 1,000 adults, while economic growth was proxied by the real gross domestic product (RGDP) growth rate. The study relied on secondary data obtained from credible sources, including the Central Bank of Nigeria, Nigeria Inter-Bank Settlement System, and World Bank Development Indicators. Data were analyzed using descriptive statistics, correlation analysis, panel unit root tests, Johansen Fisher Panel Cointegration Test, and Panel Fully Modified Least Squares (FMOLS) regression. The results indicate that the number of bank branches and bank borrowers have a significant positive impact on economic growth, whereas ATMs and current account holders exhibit a significant negative effect. These findings suggest that while expanding physical banking infrastructure and credit access support economic growth, digital banking access and current account proliferation may not automatically translate into growth unless accompanied by targeted financial inclusion strategies. The study concludes that effective policy interventions are required to optimize the benefits of financial inclusion and recommends the strategic deployment of banking resources, particularly to underserved populations, to enhance Nigeria’s economic performance.

This study examined the effect of capital structure on the financial performance of deposit
money banks with international authorization listed on the Nigerian Exchange Group (NGX).
The study covered seven banks over a six-year period (2018–2023), yielding a total of 42
bank-year observations. Secondary data were extracted from audited annual financial
statements, while financial performance was proxied by Return on Assets (ROA). The capital
structure variables included Total Debt Ratio (TDR), Equity Ratio (ER), Long-Term Debt
(LTD), and Short-Term Debt (STD). Data were analysed using descriptive statistics,
correlation analysis, diagnostic tests, and multiple regression techniques through SPSS 25.
The descriptive statistics revealed that Nigerian deposit money banks rely heavily on debt
financing, particularly short-term debt. Correlation results showed no significant linear
relationship between ROA and the capital structure variables, although strong internal
correlations existed among TDR, ER, and STD. Diagnostic tests confirmed the absence of
multicollinearity, heteroskedasticity, autocorrelation, and non-normality. Due to perfect
multicollinearity between TDR and ER, both variables were excluded from the regression
model, leaving LTD and STD as the final predictors.
The regression results showed that Long-Term Debt (LTD) had a positive but statistically
insignificant effect on financial performance, while Short-Term Debt (STD) exerted a
negative and insignificant effect. The model’s explanatory power was weak (R² = 0.070),
indicating that capital structure accounts for only 7% of variations in bank profitability.
Based on the 5% significance threshold, all hypotheses were accepted, showing that none of
the capital structure variables significantly predicted financial performance during the
period under review.
The study concludes that capital structure does not have a significant effect on the financial
performance of internationally active Nigerian banks, suggesting that profitability in the
banking sector is driven more by operational efficiency, asset quality, regulatory compliance,
and macroeconomic factors than by leverage decisions. The study recommends that bank
managers adopt balanced financing strategies while regulators strengthen policies that
promote sustainable liquidity and risk management.