Level of financial inclusion and economic well-being in Nigeria: An indication of poverty eradication measures (1994-2021)

The study analyses patterns of financial inclusion and economic well-being in Nigeria between 1994 and 2021. It utilizes secondary data that are retrieved from the Bulletins for financial and monetary statistics, Annual financial reporting of CBN, publication of the Federal Office of Statistics (F.O.S.) and that of the World Bank from 1994 to 2019. Cross-sectional design methodology is used to obtain data on the independent variables to include GDP per capita for economic wellbeing and financial inclusion index for financial inclusion in Nigeria from 1994 to 2021. The data collected are analyzed using charts and mean values. Results discloses that both economic wellbeing and financial inclusion experience up and down movements during the study period. While well-being among people as captured by the GDP per capita changes by 107.3 naira per period, within the same period, the financial inclusion of the people changes by 0.0282 per unit per year which represents about 27% change in GDP and 1.097% in financial inclusion. The study concludes that both economic wellbeing and financial inclusion have positive changes in poverty eradication between 1994 and 2021 in Nigeria.