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Ex post facto analysis shows a significant link between bank credit and insurance growth in Nigeria, suggesting collaboration for better investment support.
The study examined the relationship between bank credit and the growth of insurance operations in Nigeria from 1997 to 2024. Specific objectives were to: ascertain the linear association between bank credit and total insurance premium in Nigeria, and examine the causal relationship between bank credit and total insurance investment in Nigeria. The study adopted an ex post facto research design. The study adopted a correlation matrix and Granger causality techniques in testing formulated hypotheses. The findings revealed that there was a significant positive linear association between bank credit and total insurance premium in Nigeria (r =0.980942, t-stat =24.73298, pv<0.0000), and there was unidirectional causality between bank credit and total insurance investment in Nigeria (TII vs BC = pv =0.0423 (f-st = 3.69135) while BC vs TII = 0.0033 (f-Sat = 7.58487). The following recommendations were made: insurance firms should encourage collaboration between commercial banks and government agencies to provide comprehensive support services to insurance business operations by making necessary provisions for credit facilities available for investment.
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Okparaka et al. (2026) studied this question.
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