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DEPOSIT MONEY BANKS ACTIVITIES AND ECONOMIC DEVELOPMENT OF NIGERIA
Abstract:
The study examines the impact of Deposit Money Bank (DMB) activities on economic development in Nigeria. The study used annual data from the period 1981 to 2018 sourced from the CBN statistical bulletin and World Bank Development Index Website. Preliminary test of descriptive statistic, unit root test and correlation analysis were employed. The analysis involved the estimation of the Ordinary Least Squares (OLS) and General Least Squares (GLS) estimation techniques to determine the dynamic pattern of response of economic development with respect to changes in DMB activities. Specifically, findings showed that only DMB branches have significant positive effect on economic development in Nigeria. Bank Deposits and Exchange rate have a non-significant positive effect on economic development in Nigeria while bank credit and interest rate have non-significant negative impact on economic development in Nigeria during the period under review.
Keywords:
Deposit Money Banks, Economic Development, Bank Credit, Banking Sector