O. Aigbovo

This study investigates the impact of bank credit on economic growth in Nigeria applying the multivariate ordinary least square (OLS) technique using time series data from 1981 to 2020. Real gross domestic product (RGDP) is the dependent variable and proxy for economic growth while bank credit to the private sector (PSC) and aggregate bank credit (ABKC) were proxies for bank credit respectively. A major finding is that there is a significant negative relationship between bank private sector and economic growth while a significant positive relationship was found between aggregate bank credit and economic growth. Inflation rate and trade openness were found not to be a key factor that influence economic growth in Nigeria for the period studied. The study recommends that government should ensure strict regulatory measures through the use of its monetary policies to regulate the banking sector. The Central Bank of Nigeria, through the use of its credit control instruments should regulate the interest rates to enable the private sector borrow at a moderate rate thereby enhancing investment, which in turn leads to economic growth. Also, the monetary authorities and other financial institutions should be strengthened in their regulatory frame work and capacity to maintain financial stability and banking sector reforms.

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.

In this study, the effect of financial development on insurance penetration in Nigeria sector for the period 1995 – 2022 was investigated using ordinary least square (OLS) technique. Financial development indicators utilized in the study includes broad money supply and credit to private sector while insurance sector penetration rate was the dependent variable. We estimated a regression model and the result reveals that broad money supply has negative and insignificant impact on insurance penetration in Nigeria while credit to private sector was positively and significantly related to insurance penetration. The study recommends that regulatory authorities charged with the sole responsibility of ensuring the macroeconomic stability of Nigeria should ensure that more credit should be extended to the private sector in other to further deepen insurance penetration rate in Nigeria. Also, the negative and insignificant effect of broad money supply on insurance penetration in Nigeria calls for the strict reevaluation of the present monetary policy tools as regard the volume of money in circulation to ensure that it contribute significantly to insurance penetration rate in Nigeria

This study looks at how monetary policy affected Nigeria's economic growth between 1988 and 2024. The relationships between the monetary policy rate, inflation rate, interest rate, and Treasury bill rate and GDP is the main focus of the analysis. Different levels of significance and directionality among these variables are identified by the study using the ordinary least squares (OLS) econometric method. The findings reveal that the monetary policy rate has a positive and significant effect on economic growth, underscoring its role as a critical tool for economic stabilization. However, interest rate and Treasury bill rate exhibit negative and statistically insignificant relationships with GDP, indicating limited influence within the Nigerian context. Similarly, the inflation rate demonstrates a positive but statistically insignificant relationship with economic growth, suggesting a nuanced effect depending on macroeconomic conditions. The study comes to the conclusion that while monetary policy is still essential for managing the economy, better transmission mechanisms, structural changes, and complementary fiscal measures can increase its efficacy

In this study, the effect of financial development on insurance penetration in Nigeria sector for the period 1995 – 2022 was investigated using ordinary least square (OLS) technique. Financial development indicators utilized in the study includes broad money supply and credit to private sector while insurance sector penetration rate was the dependent variable. We estimated a regression model and the result reveals that broad money supply has negative and insignificant impact on insurance penetration in Nigeria while credit to private sector was positively and significantly related to insurance penetration. The study recommends that regulatory authorities charged with the sole responsibility of ensuring the macroeconomic stability of Nigeria should ensure that more credit should be extended to the private sector in other to further deepen insurance penetration rate in Nigeria. Also, the negative and insignificant effect of broad money supply on insurance penetration in Nigeria calls for the strict reevaluation of the present monetary policy tools as regard the volume of money in circulation to ensure that it contribute significantly to insurance penetration rate in Nigeria.

In this study, the impact of dividend policy on share price of firms Listed on oil and gas sector of Nigerian Exchange Limited (NGX) was examined. In order to determine the relationship between dividend policy and share price of firms, dividend policy key proxy variables were used in the study, namely; dividend yield (DIY), dividend per share (DPS) and dividend payout (DPR) while share price (SP) on the other hand was measured using market price of shares (SP). The study also control for size of firm (FZ) in the model specification. Three hypotheses were formulated to guide the investigation and the statistical test of parameter estimates was conducted using OLS panel least model operated with Eviews 9.0. Longitudinal research design was adopted and data for the study were obtained from the Nigerian Annual Reports and Accounts of listed oil and gas firms in Nigeria spanning from 2010 - 2021. The findings generally indicate that dividend yield, dividend per share and firm size have exerted significant impact on share price of the selected oil and gas firms. Based on this, the study concludes that dividend policy is capable of influencing oil and gas firms’ share prices in Nigeria. By this implication, the study supports the relevant theories of dividend policy reviewed in this study as irrelevant theories of dividends do not hold in the case of Nigeria. The study recommends among others that firms’ willing to maximize share price should consistently increase their dividend per share and reduce their dividend yield as this sends signal to the investors about the firm’s market performance and financial health