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Digitalization of Public and Corporate Finance on the Nigerian Economy

Oweibo, Onoriode Carolyn, Ofeimum, Godwin O.

Abstract

This study investigated the effect of the digitalization of public and corporate finance on the Nigerian economy. The study adopted the ex-post facto research design, and time-series data from 2009 to 2023 were sourced from the Central Bank of Nigeria Statistical Bulletin. The specific objectives were to examine the effect of five core digital financial platforms: Point of Sale transactions, Web Pay, Mobile Pay services, Remita, and E-BillsPay. The research employed the Ordinary Least Squares regression technique to evaluate the effect of each digital variable on Nigeria’s real gross domestic product . The findings revealed that POS transactions had a positive but insignificant effect on the growth of the Nigeria economy. Web Pay on the other hand, had a negative insignificant effect on the Nigeria economy. Mobile Pay had a positive but insignificant effect on the growth of the Nigerian economy. Remita usage had a positive but insignificant effect on the Nigerian economy. Whereas, E-BillsPay had a positive and statistically significant effect on the growth of the Nigeria economy. The results underscore the growing relevance of financial technology in shaping economic performance, particularly in facilitating efficient public revenue collection and enhancing the transparency of corporate financial transactions. The study contributes to literature by offering empirical evidence that supports the transformative role of digital finance in emerging economies, while also identifying gaps in digital service delivery that need policy attention. It recommends expanded infrastructure, digital literacy programs, and targeted regulation to optimize the benefits of digital financial platforms across all sectors. By strengthening these channels, Nigeria can better harness technology to stimulate inclusive economic growth and promote sound financial governance in both the public and private sectors.

Keywords

Digital financeEconomic growthPOS transactionsWeb PayMobile PayRemitaE-BillsPayNigeriaPublic financeCorporate finance

References

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