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SME Credit Financing, Financial Development and Economic Growth in Nigeria

African Journal of Economic Review

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Title SME Credit Financing, Financial Development and Economic Growth in Nigeria
 
Creator Alimi, Y Olorunfemi
Yinusa, Olumuyiwa Ganiyu
 
Subject SMEs financing, financial development, investment, output, Nigeria
 
Description This paper examines the impact of small and medium-scale enterprises (SMEs) credit financing and financial market development and their shocks on the output growth of  Nigeria. The study estimated a VAR model for Nigeria using 1970-2013 annual data  series. Unit root tests and cointegration are carried out. The study explores IRFs and  FEVDs in a system that includes output, commercial bank loan to SMEs, domestic  credit to private sector by banks, money supply, lending rate and investment. Findings  suggest that shocks in commercial bank credit to SMEs has a major impact on the  output changes of Nigeria. Money supply shocks also have a sizeable impact on output  growth variations amidst other financial instruments. Lastly, neutrality of investment  does not hold in Nigeria as it also has impact on output fluctuations.Keywords: SMEs financing, financial development, investment, output, Nigeria.JEL Classification: C
 
Publisher Centre for Economics and Community Economic Development
 
Contributor —
 
Date 2016-05-24
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.ajol.info/index.php/ajer/article/view/136033
 
Source African Journal of Economic Review; Vol 4, No 2 (2016); 1-15
1821-8148
 
Language eng
 
Relation http://www.ajol.info/index.php/ajer/article/view/136033/125608
 
Rights The copyright belongs to: African Journal of Economic Review, Centre for Economics and Community Economic Development, The Open University of Tanzania, P.O.Box 23409, Dar es salaam, Tanzania