TY - JOUR
TI - Impact of Globalization on Financial Development in Nigeria
AU - Ajayi, John Ayodele
AU - Musyimi, Kyalo Stephen
TI - Impact of Globalization on Financial Development in Nigeria
AB - This study examines the impact of globalization on Nigerian financial development with particular reference to foreign direct investment, trade openness, exchange rate, government expenditure, interest rate and inflation. The statistical data used for the study were obtained from Central Bank of Nigeria publications and [Statistical Bulletin 2020] and [World Development Indicators 2020]. The study employed the autoregressive distributed lag (ARDL) model. Major findings from the study show that foreign direct investment, trade openness and government expenditure have a positive and significant impact on financial development in Nigeria while exchange rate, interest rate and inflation rate have a negative significant impact on Nigerian financial development. It is recommended that Nigeria must face the challenges of globalization. For a country to belong to the race, major changes and restructuring are imperative, hence, Nigeria must develop the internal structure and the will to adopt those policies that brought about the benefits from globalization.
VL - 2022
IS - Issue 25 (1)/2022
PY - 2022
C1 - 2299-6834
SP - 158
EP - 178
DO - 10.4467/22996834FLR.22.010.15660
UR - https://ejournals.eu/en/journal/financial-law-review/article/impact-of-globalization-on-financial-development-in-nigeria
KW - Globalization
KW - Financial Development
KW - Nigeria
KW - Autoregressive Distributed Lag