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Financial Inclusion and Output: Empirical Evidence from Nigeria | Asian Journal of Economics, ...

The research focuses on the impact of financial inclusion on Nigerian output. It was based on data from the Central Bank of Nigeria's statistical bulletin for the years 1992 to 2018. The studies were conducted using the Coin- tegration, Causality,Unit Root, and Ordinary Least Square measures. The Causality test revealed that causality flowed unidirectionally from Microfinance Bank Deposit to Output, whereas causality flowed unidirectionally from Loan and Advances to Output, with causality flowing from Output to Loan and Advances. At first differencing, the unit root test indicates that all variables are stationary.Furthermore, Performance had a substantial positive effect.There is a major association with Bank Deposits, but none with Loans and Advances. The variables do, however, have a long-run equilibrium relationship. This implies that in the case of Bank Demand Deposits and Production, what occurred in the short run persisted in the long run. It goes on to show that the impact of loans and advances on production is most noticeable over time, as the firms that took out the loan would have generated products and services in the economy. The study recommends that the Central Bank of Nigeria and commercial banks promote financial inclusion because it has been shown to have a significant impact on output. Furthermore, as banking services are expanded to remote areas,will not only minimise financial exclusion but also increase economic growth.


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