Nexus between Financial Sector and Sustainable Development in Nigeria: A Principal Component Analysis
| dc.contributor.author | ADEMOKOYA ALADE AYODEJI | |
| dc.date.accessioned | 2024-07-30T12:35:53Z | |
| dc.date.available | 2024-07-30T12:35:53Z | |
| dc.date.issued | 2020 | |
| dc.description | This study contributed to knowledge by being a forerunner to holistically combine and study the three main pillars of sustainable development in Nigeria. The study also stands out by connecting the financial sector to sustainable development in Nigeria. | |
| dc.description.abstract | The financial sector has been recognized in the literature as having potential that could drive sustainable development in developing nations, and Nigeria is no exception. This study examined the link between the financial sector and sustainable development in Nigeria. Specifically, the study seeks to investigate the effects of the banking, stock market, and insurance segments on sustainable development in Nigeria. Based on data availability, time series data from 1986–2015 were obtained. The data for sustainable development economic development, social development, and environmental quality—were aggregated using the principal component analysis (PCA). The aggregated index for sustainable development and the financial sector data were subjected to ARDL-Bounds estimations. Findings reveal that the banking and stock market subsectors positively and significantly propel sustainable development in Nigeria, while the insurance subsector drives sustainable development in Nigeria only in the short run. Study and recommend policies strengthening these main segments of the financial sector in order to drive sustainable development in Nigeria. This study contributed to knowledge by being a forerunner to holistically combine and study the three main pillars of sustainable development in Nigeria. The study also stands out by connecting the financial sector to sustainable development in Nigeria. | |
| dc.description.sponsorship | SELF SPONSORED | |
| dc.identifier.citation | Ademokoya, A. A. (2020): Nexus between financial sector and sustainable development in Nigeria: A principal component analysis. Acta Universitatis Danubius Economica. 16(4): 234-250, Published by Danubius University, Galati, Romania. Available online at https://dj.univ-danubius.ro/index.php/AUDOE/article/view/366/582 | |
| dc.identifier.issn | 2065-0175 | |
| dc.identifier.uri | https://kwasuspace.kwasu.edu.ng/handle/123456789/2039 | |
| dc.language.iso | en | |
| dc.publisher | Danubius University, Galati, Romania | |
| dc.relation.ispartofseries | 16; 4 | |
| dc.title | Nexus between Financial Sector and Sustainable Development in Nigeria: A Principal Component Analysis | |
| dc.type | Article |