ROLE OF FINANCIAL INSTITUTIONS IN ECONOMIC GROWTH IN NIGERIA
Abstract
This study investigates the role of financial institutions in fostering economic growth in Nigeria. Financial institutions serve as intermediaries that mobilize savings, allocate credit, and facilitate investment activities essential for economic development. The study adopts a descriptive research approach, utilizing secondary data from relevant financial reports and academic literature. Findings reveal that financial institutions significantly contribute to economic growth by enhancing capital formation, supporting entrepreneurship, and promoting financial inclusion. However, challenges such as poor regulatory compliance, inadequate infrastructure, and limited access to finance hinder their effectiveness. The study concludes that strengthening financial systems and improving institutional frameworks are essential for sustainable economic growth in Nigeria.
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