Insurance Investment and Economic Growth in Nigeria

Student: PROMISE CHINECHEREM AMADI (Project, 2025)
Department of Banking and Finance
University of Port-Harcourt, Rivers State

Abstract

ABSTRACT
This study examined the relationship between insurance investments and economic growth in Nigeria from the period of 1992 to 2023. Insurance investment is the independent variable which is proxy by real estate and mortgage, government securities and stock and bonds investment while economic growth is the dependent variable which is proxy by gross domestic product. The study employed secondary sourced data that were gotten from the Central Bank of Nigeria (CBN) statistical bulleting from the time period of 1992 to 2023. The study employed the Ordinary Least Square (OLS) regression analysis and from the result of the analysis, we discovered that insurance investment in real estate and mortgage, investment in government securities and insurance investment in stocks and bonds had a positive relationship on gross domestic product. The study concluded that insurance investment plays a significant positive role in improving the economic growth of Nigeria. Therefore, Therefore, the study recommended that insurance companies should diversify their investments properly and such investments
channelled to areas that have the potential of yielding high returns so as to generate much more to equip business firm financially.

Keywords
insurance investment economic growth nigeria
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