Abstract
This study examines the relative e§ectiveness of bank-based and market-based Önancial development on the economic growth of Nigeria with data from 1989 to 2018 us- ing the Auto-Regressive Distributive Lag (ARDL) estimation technique. The study found that bank-based Önancial development exerts positive and signiÖcant ináuence on Nigeriaís economic performance while stock market-based, rather than contributing positively to the economic prosperity, was found to have an insigniÖcant negative e§ect. Using GDP per capita growth for sensitivity analysis also showed a somewhat similar result. From this Önd- ing, the study concludes that bank-based Önancial development drives growth in Nigeria more than market-based. The study therefore recommends intensive Önancial literacy and inclusion campaign to create awareness and bolster public conÖdence in the stock market and the Önancial sector.
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