Financial reforms and industrialisation: evidence from Nigeria

  • Oludele Emmanuel FolarinEmail author
Research Paper


Nigeria adopted the Structural Adjustment Programme (SAP) in 1986 after the crash in world oil price in the early 1980s. Financial reforms are part of the reforms implemented during the SAP. Since industrialisation is seen as an engine of growth, we conduct an empirical assessment of the effects of financial sector reforms on industrialisation in Nigeria using an annual time series data over 1981–2015. Using an autoregressive distributed lag model, our findings show that financial reforms have a positive and significant impact on industrialisation.


Financial reforms Financial repression Industrialisation ARDL bounds test 

JEL Classification

C32 E44 O14 O55 



The author is indebted to the editor and the reviewers for insightful comments. Also, the author wishes to thank Babajide Fowowe, Oluwatosin Adeniyi, Simplice Asongu, Abimbola Oyinlola and Ekpeno Effiong for their inputs in strengthening the quality of this paper.


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Copyright information

© Institute for Social and Economic Change 2019

Authors and Affiliations

  1. 1.Department of EconomicsUniversity of IbadanIbadanNigeria

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