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The significance of the financial system to economic development is not quite clear-cut. Some researchers such as Hicks (1969) are of the opinion that the financial system plays a crucial role in the mobilization of capital for industrialization. On the other hand, there are those, who hold a contrary view. In the 1980s, several African governments embarked on structural adjustments programs in order to correct the disruptions in their economies. As Geo-Jaja and Mangum (2001) note, structural adjustment programs seldom delivered on
their intended objectives.
However, the relationship between financial development and economic growth during post-SAP period is examined using the Spearman rank correlation. The expected outcome of the structural adjustment program in Nigeria was marred by policy reversals of government. This is a possible reason for the poor performance of the financial sector of the economy. Therefore, financial development and economic growth have no consistent relationship in post-SAP Nigeria.
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