Advanced Research in Economics and Business Strategy Journal
Volume 6, Numéro 2, Pages 314-335
2025-12-31
The Effects Of Bank Loans On Economic Growth In Nigeria From 1981 To 2021
Authors : Ulasi Joshua .
Abstract
Economic growth is desired by countries due to its effects on the entire economy. Growth leads to reduced unemployment, increased income, and all things being equal, improved standards of living. However, several countries have experienced weaker than expected growth in their economies. In this paper, I explored the relationship between bank credit and economic growth in Nigeria, and how bank credit can cause growth. The data sourced from the Central Bank of Nigeria statistical bulletin were tested for co-integration and unit root tests. Ordinary Least Squares Method was used to analyze the sourced data. My data set was subjected to various statistical (First-Order) tests. Econometric (second-order) tests were also employed. The results showed a positive relationship between credits to both the manufacturing and public sectors of the economy and GDP. However, loans to the commercial and services sectors did not seem to generate the expected growth levels. The results suggest that more credit need to be approved for the manufacturing sector of the Nigerian economy rather than the services sector.
Keywords
Economic Growth ; Economic Development ; Bank Loans ; Private sector ; Public Sector
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