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Impact of Deregulation on Financial Sector Development in Nigeria

O Jameelah Yaqub, AO Omobitan

Abstract


The financial system in an economy is known to serve as the lubricant which facilitates the smooth running of the economy. The Nigeria financial sector has undergone several reforms since 1987 when the Structural Adjustment Programme was introduced. This paper investigates the impact of these reforms on the development of the sector using correlation analysis and Granger Causality test. The result obtained showed that deregulation has failed to enhance the development of the financial sector. It is therefore, suggested that the supervisory authorities should be strengthened to enhance people’s confidence in the sector; so that the sector can perform its intermediation role effectively.

Keywords: Financial reforms, Financial sector, Deregulation, and Nigeria JEL Classification: E 58, G18, G28

International Journal of Development and Management Review (INJODEMAR) Vol. 7 June, 2012