NON-BANK FINANCIAL INSTITUTIONS

The study investigated the tax revenue, institution and public infrastructure in Nigeria. It aimed to examine the impact of tax revenue and institution in public infrastructure in Nigeria. To guide the study, three research questions were raised with three hypotheses tested. The study employed both descriptive and multiple regression analysis with ordinary least
squares (OLS) econometric techniques. The data for the study were collected from the Central Bank of Nigeria (CBN) Statistical Bulletin and world development indicators from year 1981 to 2021. Reliability of estimated results was determined by using the economic or ‘a priori’ criteria, statistical criteria and econometric criteria. Data were analysed using Augmented Dickey- Fuller (ADF) test, Johansen cointegration test and Error correction mechanism. The result revealed that, in the long run, there was a significant relationship between tax revenue and infrastructure development in Nigeria. However, in the short run, the study revealed negative impact due to inefficiencies. Also, institutional quality, in the long run, did not have a statistically significant impact on infrastructure development. However, in the short run, there was an initial positive impact of institutional quality on infrastructure development, followed by a negative lagged effect. The results also showed that Foreign Direct Investment (FDI) had a weak and statistically insignificant positive impact on infrastructure development in Nigeria. Furthermore, public debt had a marginally significant positive impact on infrastructure development in the long run. However, in the short run, public debt had a significant negative impact. Based on these findings, it was recommended that policymakers should enhance tax revenue collection through improved tax administration and tax evasion reduction, and provide efficient funds allocation for infrastructure. It was also recommended that policymakers should strengthen fiscal transparency and institutional quality by focusing on anti-corruption in procurement. Furthermore, government should create a favourable investment climate by reducing regulatory bottlenecks and promoting public-private partnerships to attract infrastructurefocused FDI and also prioritize prudent public debt management, and balance borrowing
with sustainable servicing to maintain fiscal stability. For sustainable economic growth, policymakers should adopt a comprehensive policy framework that combines fiscal discipline, institutional reforms and private sector engagement

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.