Financial Inclusion and Economic Growth in Nigeria

Student: Beauty Uhunamure (Project, 2025)
Department of Banking and Finance
University of Benin, Benin City, Edo State

Abstract

This study examines the relationship between financial inclusion and economic growth in Nigeria, with emphasis on identifying the key determinants of financial inclusion and its influence on economic performance. A survey involving 150 respondents was conducted, and the data were analyzed using Ordinary Least Squares (OLS) regression to assess the impact of financial inclusion on economic growth. An Analysis of Variance (ANOVA) test was employed to determine the overall significance of the regression model, while coefficient analysis was carried out to evaluate the strength and direction of the relationships among the variables. The findings reveal that financial inclusion has a significant positive effect on economic growth in Nigeria. The regression results indicate that financial literacy, access to financial infrastructure, and transaction costs are major determinants of financial inclusion. Based on these findings, the study recommends that policymakers and financial institutions should give greater attention to programs that enhance financial literacy, expand access to financial infrastructure, and reduce transaction costs in order to promote sustainable economic growth.

Keywords
financial inclusion economic growth nigeria
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