Financial Access, Technological Inclusion and Gross Domestic Product Per Capita Growth in Nigeria: The Moderating Effect of Inflation.

Ejakpovi ONOS; Prof. Sonny Nwonodi AMADI; Prof. Sancho Nwobuisi CHUKWU

doi:10.56201/jbae.vol.12.no3.2026.pg123.134

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Financial Access, Technological Inclusion and Gross Domestic Product Per Capita Growth in Nigeria: The Moderating Effect of Inflation.

Ejakpovi ONOS, Prof. Sonny Nwonodi AMADI, Prof. Sancho Nwobuisi CHUKWU

Abstract

This study investigates the influence of financial access, technological inclusion and inflation rate on gross domestic product per capita growth in Nigeria over a thirty-four-year period (1990– 2023). Financial access and technological inclusion were proxied using loans to small and medium enterprises, internet penetration, the number of commercial bank branches, and inflation rate as a moderating variable, while gross domestic product per capita was measured by GDP per capita growth. Annual time series data spanning 1990–2023 were employed and sourced from the Central Bank of Nigeria Statistical Bulletin, World Development Indicators of the World Bank, and National Bureau of Statistics publications. The study applied several econometric techniques, including the Augmented Dickey-Fuller unit root test, bounds cointegration test, and the Autoregressive Distributed Lag approach. Findings revealed that loans to SMEs, internet penetration, and commercial bank branches exerted a positive and significant impact on GDP per capita growth in the short and long run. Conversely, inflation showed a negative and insignificant relationship with GDP per capita growth across both time horizons. The study concluded that financial access and technological inclusion are critical drivers of Nigeria’s gross domestic product per capita. It was therefore recommended among others that government and monetary authorities expand credit access to SMEs through targeted loan schemes, credit guarantees, and concessional financing. Furthermore, commercial banks should be incentivized with risk-sharing arrangements to enhance lending to productive SMEs, particularly in manufacturing and technology-intensive sectors that foster job creation and poverty reduction. Key words: Financial Access, Technological Inclusion, Inflation Rate, GDP per capita

Keywords

Financial AccessTechnological InclusionInflation RateGDP per capita

References

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Financial Access, Technological Inclusion and Gross Domestic Product Per Capita Growth in Nigeria: The Moderating Effect of Inflation.

Abstract

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