THE EFFECT OF FINANCIAL SECTOR RESTRUCTURING ON PRIVATE SECTOR CREDIT IN NIGERIA (1986-2024)
Abstract
The private sector is widely recognized as one of the major drivers of economic growth in any economy, especially when the right credit is made accessible to them. In macroeconomic theory, fluctuations in the supply of money and credit constitute a key causal factor in the cyclical process of economic activity, that is, when money supply falls, prices reduce, profits reduce, production activities become sluggish, and output is low. Conversely, when money supply expands, prices rise, profits increase and the total output increases and finally, growth takes place, (Olorunmade, Samuel & Adewole, 2019). The financial sector is one of the sources that makes this credit accessible to the private sector. The financial sector enhance stability, efficiency and has the ability to mobilize and allocate resources effectively (IMF, 1997). It can then be concluded that no economy can develop without an appreciable growth in the financial sector, (Iloanya, 2023).
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Published in UNIPORT JOURNAL OF BUSINESS, ACCOUNTING & FINANCE MANAGEMENT
ISSN: 1596-9911
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