The Impact of Financial Market Access on Economic Growth in Developing Economies: The Nigerian Experience

Financial market access plays a pivotal role in promoting the growth and development of financial market and overall economy in Nigeria. Hence, this study examined the impact of financial market access on economic growth in Nigeria using annual time series data spanning 1985 – 2024 within the dynamic ordinary least squares (DOLS) analytical framework given its attendant advantage of addressing endogeneity, serial correlation and small-sample bias in cointegrated time-series model. The study shows that financial market access has a positive and significant influence on economic growth. In the face of this strong empirical evidence which shows that financial market play a significant role in promoting economic growth in Nigeria, the study concludes that financial market access drives sustained long-run economic growth. The study recommends that government and regulatory authorities should focus on deepening Nigeria’s financial markets by broadening the range of financial instrument and reducing/eliminating barriers to accessing financial products.