The Effect of Life Insurance Business’s Income on the Economic Growth of Nigeria

SOYE, Yinka Augustine and AGBOOLA, Omoniyi Oladipupo (2019) The Effect of Life Insurance Business’s Income on the Economic Growth of Nigeria. Saudi Journal of Business and Management Studies, 04 (12). pp. 899-906. ISSN 2415-6663

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Abstract

For any economy to experience speedy and rapid growth, a viable and effective insurance industry is required. So, it is important for insurance business within the financial institution to be given priority by the government if vibrant and robust economic growth is expected. Hence, this study investigated the effect of life insurance business‟s income on the economic growth of Nigeria. Using secondary data sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and Nigeria Insurers Digest, from the period of 1990 to 2017, the study adopted the Pearson correlation analysis (ordinary) and ordinary least square (OLS) regression technique to analyze the data and test the study‟s hypotheses respectively. The findings show that exchange rate, foreign direct investment, and life insurance business have really impacted and influenced the growth of Nigeria economy within the period under investigation. But, the study reveals that inflation rate has negative relationship with economic growth of the country. Keywords: Life Insurance, Inflation, Economic Growth, FDI, Exchange Rate

Item Type:	Article
Subjects:	H Social Sciences > H Social Sciences (General)
Divisions:	Faculty of Law, Arts and Social Sciences > School of Humanities
Depositing User:	Unnamed user with email [email protected]
Date Deposited:	27 May 2021 15:33
Last Modified:	27 May 2021 15:33
URI:	http://eprints.federalpolyilaro.edu.ng/id/eprint/1335

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