References
Adefeso, H. A., Egbetunde, T., & Alley, I. Stock Market Development and Growth in Nigeria: A Causal Analysis. Arabian Journal of Business and Management Review 2 (6), 79-94. Afees, A.S &Kazeem, B.A (2010). The stock market and economic growth in Nigeria: An empirical investigation. Journal of Economic Theory, 4, 65 – 70. Agheli, L., &Hadian, G.(2017). Financial Development, Commercial Development, and Economic Growth in the Selected Emerging and the Middle Eastern Countries.International Journal of Economics and Financial Issues, 7(3,362-370. A??r, H., Kar, M. and Nazl?o?lu, ?., (2011). Do remittances matter for financial development in the MENA Region? Panel Cointegration and Causality Analysis. The Empirical Economics Letters, 10(5), 449-456. Akani, H. W &Uzah, C. K. (2018).Microfinance and macroeconomic instability in Nigeria. Banking and finance journal, 1(1), 186-208. Alrabadi, D. W. H. & Kharabsheh, B. A. (2016). Financial deepening and economic growth: The Case of Jordan. Journal of Accounting and Finance, 16(6). Amassoma, J.D., Nwosa, P.I. and Ofere, A.F. (2011). The nexus of interest rate, deregulation lending rate and agricultural productivity in Nigeria. Current Research Journal of Economic Theory,3, (2):53-60. Andabai, P.W. & Igbodika, M. N. (2015).A causality analysis of financial deepening and performance of Nigerian economy (1990-2013).African Research Review: An International Multidisciplinary Journal, Ethiopia, 9(4), 39, 249-263. Anigbogu, U. E., &Nduka, E. K. (2014). Stock Market Performance and Economic Growth: Evidence from Nigeria Employing Vector Error Correction Model Framework. The Economics and Finance Letters, 1(9):90-103. Aye G. C. (2013).Causality between Financial Deepening, Economic Growth and Poverty in Nigeria.The Business& Management Review 3 (3) Bangake, C., &Eggoh, J.C., (2011). Further evidence on finance-growth causality: a panel data analysis. Economic Systems, 35, 176-188. Bara, A. &Mudzingiri, C., (2016).Financial innovation and economic growth: Evidence from Zimbabwe’, Investment Management and Financial Innovations 13(2), 65–75. Bashorun&Bakare-Aremu (2013). Capital Market Development and Economic Growth: Evidence from Nigeria. International Journal of Humanities and Social Science Invention.www.ijhssi.org. 2 (12), I-13. Chinedua, N. &Amaka, M.G., (2015).Financial development and economic growth nexus in Nigeria.IOSR Journal of Economics and Finance 6(4), 49–56. Chisunga, D., (2015). Causal relationship between financial sector development and economic growth: A case of Zimbabwe’, IOSR Journal of Business and Management 17(1), 1–12. Eita, J. H. (2012). Explaining interest rate spread in Namibia. International Business and Economic Research Journal, 11(10): 1123-1132 Georgievska, L., Kabashi, R., Manova-Trajkovska, N., Mitreska, A. &Vaskov, M. (2011).determinants of lending interest rates and interest rate spreads. Special Conference Paper, Bank of Greece. Ghazali, N. A. & Ali, K. A. (2002).The effect of open market interest rate on Malaysian commercial banks interest rate spread: An Empirical Analysis.IIUM Journal of Economics and Management, 10 (1): 21-42 Gondo, J. (2009). Financial development and economic growth: Evidence from South Africa. Unpublished dissertation presented to the University of South Africa. Irungu, P. N. (2013). The effect of interest rate spread on financial performance of commercial banks in Kenya’, Unpublished Master’s Thesis, University of Nairobi. Ishioro O. B. (2013). Stock market development and economic growth: Evidence from Zimbabwe. EKON. MISAO PRAKSA DBK Jhingan, M.L., (2005).The Economic of Development and Planning, 38th Ed. New Delhi: Virade Publications (P) Ltd, India. Josiah, M, Samson, A.A &Akpeti, O.E (2012). Capital market as a veritable source of development in Nigerian economy. Journal of Accounting and Taxation 4(1), 7-18. Available online at http://www.academicjournals.org/JAT Kar, M., Nazl?o?lu, ?. and A??r, H., (2011). Financial development and economic growth Nexus in the MENA Countries: Bootstrap Panel Granger Causality Analysis. Economic Modelling, 28, 685-693. Karlsson, H. &Mansson, K., (2015).Revisiting the nexus of the financial development and economic growth- Wavelet approach with a focus on Asian economies, Research Network Debate, Swedish Entrepreneurship Forum, Stockholm. Kganyago, L. (2016). The South African banking sector - an overview of the past 5 years, Dec 2015. Retrieved February 13, 2018, from http://www.reservebank.co.za/ Khalaf, L. S., &Saqfalhait, N. I. (2019).The Effect of Microfinance Institutions Activities on Economic Growth in Arab Countries. Academy of Accounting and Financial Studies Journal. Khetsi, Q.S. &Mongale, I.P. (2015. The impact of capital markets on the `economic growth in South Africa. Journal of Governance and Regulation Issues of the Journal, 4(1). Khetsi, Q.S., &Mongale, I.P. (2015). The impact of capital markets on the economic growth in South Africa. Journal of Governance and Regulation 4(1), 112-127. Kiptui, M. C. (2014). Determinants of interest rate spread: some empirical evidence from Kenya’s Banking Sector. International Business Research, 7(11): 94-107. Kolapo, F. T., &Adaramola, A. O. (2012).The Impact of the Nigerian Capital Market on Economic Growth (1990-2010). International Journal of Developing Societies, 1(1), 11-19. Kónya, L., (2006). Exports and growth: granger causality analysis on OECD Countries with a Panel Data Approach. Economic Modelling, 23, 978-992 Kumbirai, G., & Webb, R. (2010). Putting the New Keynesian model to test. Journal of International Finance, 4, 135–143. Lemma, W. S., &Otchere, I. (2005). Financial sector reforms in Africa.Perspectives on Issues and Policies. Prepared for the Annual World Bank Conference on Development Economics (ABCDE),Dakar, Senegal, January 2005. Leonard, L., Chepkulei, B. &Rop, B. K. (2013).Effects of interest rate spread on the performance of banking industry in Kenya’, Jomo Kenyatta University of Agriculture and Technology Levine, R. (2000). More on finance and growth: more finance, more growth. Reserve Bank of St. Louis Review, 85: 31-46.. Lucky, A. L., &Uzah, C. K., (2016). Determinants of capital formation in Nigeria: A test of Jhingan’s Preposition 1981 – 2014. IIARD International Journal of Banking and Finance Research, 2 (1), 1 – 19. Luqman S. (2014). Financial Deepening and Economic Growth in Pakistan: An application of Cointegration and VECM Approach. Interdisciplinary Journal of Contemporary Research in Business, 5(12). Maduka, A. C., &Onwuka, K. O. (2013).Financial Market Structure and Economic Growth: Evidence from Nigeria data. Asian Econ. Financial Rev, 3 (1), 75-98. Mandiefe, E., (2015). Impact of financial development and economic growth.Journal of Development Economics 23(3), 33–54. Ncube, M. (2009). Efficiency of the banking sector in South Africa. Fourth African Economic Conference on fostering development in an era of financial and economic crisis. Ethiopia: Addis Ababa. Ndalu, C. (2016). Financial deepening of insurance and economic growth in Kenya.International Journal of Academic Research in Accounting, Finance and Management Sciences, 6(1), 7–14. Nomfundo, P.V. (2010). The impact of stock market development on economic growth: Evidence from South Africa. A Dissertation presented to the University Fort Hare. Nwakanma, P.C. &Mgbataogu, I.S. (2013). Influence of interest rate regimes on deposit money banks’ credit in Nigeria: An Econometric Assessment, International Journal of Empirical Research, 1(3),90-100. Nwanna, I.O. &Chinwudu, C.F. (2016).The Effect of financial deepening on economic growth in Nigeria (1985 -2014).Journal of Economics and Finance (IOSR-JEF) 7(4) 11-28 Nwaolisa, E. F., Kasie, E. G., &Egbunike, C. F (2013).The Impact of Ca