Financial Intermediation and Growth of the Nigerian Economy: An Insurance Sector Perspective,  1986 - 2018

Makwe Stella Ivo; Anyanwaokoro Mike; Ijeoma Uchenna Camenus

doi:10.9734/ajess/2020/v9i430254

Research Article Open access CC BY 4.0

Financial Intermediation and Growth of the Nigerian Economy: An Insurance Sector Perspective, 1986 - 2018

Makwe Stella Ivo, Anyanwaokoro Mike, Ijeoma Uchenna Camenus

Asian Journal of Education and Social Studies · pp. 38–46 · Published 1 Aug 2020

10.9734/ajess/2020/v9i430254

Abstract

The purpose of this study was to investigate the financial intermediation and growth linkage in the Nigerian Economy with focus on the Insurance sector covering the period 1981 to 2018. Annual time series from Central Bank Statistical Bulletin was employed following an ex-post facto research design and using the Autoregressive Distributed Lag Model (ARDL) for empirical analyses. It was found that insurance premium and insurance claims significantly affected the growth rate of the economy. It is therefore recommended that the intermediation roles of the financial system should be encouraged and due attention given to the hitherto neglected insurance sector to allow for all-inclusive growth.

Insurance claims income Nigerian economy ARDL

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Makwe Stella Ivo, Anyanwaokoro Mike, Ijeoma Uchenna Camenus (2020). Financial Intermediation and Growth of the Nigerian Economy: An Insurance Sector Perspective, 1986 - 2018. Asian Journal of Education and Social Studies , 38–46. https://doi.org/10.9734/ajess/2020/v9i430254

Affiliations

Makwe Stella Ivo — Department of Banking and Finance, Enugu State University of Science and Technology, Enugu State, Nigeria.
Anyanwaokoro Mike — Department of Banking and Finance, Enugu State University of Science and Technology, Enugu State, Nigeria.
Ijeoma Uchenna Camenus — Centre for Distance and E-learning, University of Nigeria, Nsukka, Nigeria.

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