OKAFOR, CHINELO PEACE (2017) THE IMPACT OF INTERNATIONAL FINANCIAL INSTITUTIONS ON ECONOMIC GROWTH IN NIGERIA. Masters thesis, COVENANT UNIVERSITY.
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Abstract
lnlemafional financial institutions peiforms a dynamirrfuly in lhe advancemenl of economies worldwide inclusive of Nigerian economy. The study investigated the impact of lntemational Financiallnsfihttion on economic growth in Nigeria for the period 1981-2015. Time series dala on World Bank loan (IBRD and IDA grants) and Jntemabfl Moneta1y Fund Credits (IMF) was used to capture the loans contracted The study set out '12..J!;r.st .fQi. bfi 'g,JQJ:zgJJ!lj and causal relationship_belween e.,r:temal borrowing from World Bank and JMF, and economic growth in Nigeria. An empirical investigalion was conducted using time series data on Real Gross Domestic Product, IBRD and IDA Loans, International lvlonetary Fund Credits (hv!F). Also Foreign Direct Investment and Official Exchange Rate was ui!Jas the control variables fi·om 1981-2015. The techniques of estimation employed in the study include Augmented Dickey Fuller (!JDf) unit root test Desc. e Statistics, Correlation test, Johansen Co-integration, vector error c01rection estimates, Granger causalily test. The result show a positive, but insignificant relationship betw. World Bank loans and real gross domestic product. Secondly, the IMF credit also shows fL posilive .. buUnsimificcmu.t:ks.J_on economjc. g -owth. It was recommended ltf since loans obtained fi·om International Financial Intuitions (World Bank, !lvfF) have IJ!!gatively conlributed to economic rowlh and also regressively qffected economic activities via increasing debt burden. Federal Govemmenl should implemenl policies towards effective and efficient domestic resource mobilization strategy, also a periodic, progressive monitoring and evaluation program and finally the amount of IMF jimding must not be unrestricted, unless on condition when is exceptionally important. In addition, concerted effort should be made towards timely loan repayment cmd servicing to melt down the negative effect of debt on economic growth.
| Item Type: | Thesis (Masters) |
|---|---|
| Uncontrolled Keywords: | Economic growth, World Bcmk loans, llv!F credit, Real GDP, FDI, Exchcmge Rate |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Social Sciences |
| Depositing User: | Mrs Hannah Akinwumi |
| Date Deposited: | 14 Dec 2017 09:31 |
| Last Modified: | 14 Dec 2017 09:31 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/9803 |
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