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Financial Deepening and Structural Transformation in Nigeria: An Empirical Analysis of Premature Deindustrialization

This study investigates the impact of financial deepening on structural transformation in Nigeria over the period 1981–2024. Despite significant financial sector expansion—with broad money supply rising from 10.39% to 24.66% of GDP, private sector credit from 7.37% to 20.16% of GDP, and stock market capitalization from 5.0% to 26.8% of GDP—Nigeria has experienced premature deindustrialization rather than genuine structural transformation. Using Principal Component Analysis to construct a composite Financial Deepening Index (FDIX) and employing Autoregressive Distributed Lag (ARDL) bounds testi…

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Source	OpenAlex research
Collection	International records
Kind	Document
Publisher	Iconic Research and Engineering Journals
Date	2026-09-16
Type	article
Details	openalex authorships.countries:NG,primary topic.subfield.id:3320\|3321\|3308\|1202\|3303\|3312\|2002\|2000\|2003 + local /\bnige
Found at	https://doi.org/10.64388/irev10i3-1722979
Archived copy	Look it up in the Wayback Machine
Record ID	`openalex:W7213237390`

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Financial Deepening and Structural Transformation in Nigeria: An Empirical Analysis of Premature Deindustrialization. OpenAlex research, 2026. Vero Archive, record openalex:W7213237390.