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Original Research Article

ARDL empirical insights on financial intermediation and economic growth in Nigeria

1*Onwe Joshua Chukwuma, 2Adeleye Ngozi and 1Okorie Williams

1Department of Economics, University of Nigeria, Nssuka. Nigeria.
2Department of Economics and Development Studies, Covenant University, Ota, Nigeria

*Corresponding Author’s Email:onwelink(at)

Article Number:  |   Pages:  |     |   DOI:

 Received: November 19, 2018  Accepted: January 7, 2019  Published: January 28, 2019


This paper investigates the financial intermediation and economic growth relation in Nigeria using the autoregressive distributed lag(ARDL) approach from 1985 to 2016 and finds a stable long-run relationship amongst the variables. The results also show that there is a statistically significant positive short-run and long-run relationship between financial intermediation and economic growth. The study therefore recommends that monetary and regulatory authorities should formulate policies aimed at improving financial intermediation process by expending the scope of credits and deposits in financial institutions which in turn promote financial responsiveness that can positively stimulate growth of the economy.


Financial intermediation, financial system, economic growth

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