Power of Bank Credit on Economic Growth : A Nigerian Perspective

Bank credit policies in Nigeria are very critical for some reasons. One bank credit is the oil on the wheel of economic growth. Two there is strong empirical evidence that the development of sound financial markets and institutions has significant relationships with long term economic growth. Very importantly again, recent research provides evidence that inappropriate and bad financial sector policies are potentially costly and dangerous in a developing economy as proved by financial sector distress in Nigeria, particularly in the 1990s, through 2011. The study designed to explore the power of bank credit on economic growth applied the survey research design. Data generated were analyzed through tables, frequencies, percentages and the X2 statistics. It was found that bank credit has significant relationship with economic growth and socio-infrastructural development. Five recommendations were made based on the result of the study