出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：The symbiotic relationship between adequate funds to real sector and speed of economic growth is not in contention. Consequently, the successive Nigerian governments have made several policy attempts in the last three decades at ensuring that funds are channeled to savings deficits. These efforts notwithstanding, the economy at a glance, seems not to have made remarkable progress. What is more, there is dearth of empirical studies specifically targeted at assessing the specific contribution of financial intermediation to economic growth in Nigeria. It is this gap that this study sought to fill. To realize the goal of this study, we adopted Private Investment (PRIVET) as the regressand and Financial Savings as a ratio of Real Gross Domestic Product (FS/RGDP), Credit Extended to Private Sector by deposit money banks (CEPS), Prime Lending Rate (PLR) & Real Gross Domestic Product (RGDP) as the regressors. The study employed econometric method to construct a multiple regression model to analyze the long-run relationships among variables. The results showed that three out of the five coefficients are statistically significant at 5% level. CEPS and PLR conformed to the theoretically expected signs, while FS/RGDP, RGDP and DUM did not. Hetroscedasticity test carried out suggests that OLS assumption of constant variances over time was not violated. Ramsey Reset test indicates that the model is well specified. The findings indicate that although some progress is noted, much is remained to be done to ensure enabling environment conducive for investment growth and expansion of domestic capacity
