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Over the years, the Nigerian banking industry has become deep and experienced and there has been a high level of improvement and development, but the economic growth has not attained the same level attained by the banking industry, hence, the reason for this study which focussed on the relationship between deposit money banks (DMBs) and economic growth in Nigeria from 1994 to 2017. The study was carried out on secondary data obtained from real gross domestic product (RGDP), money supply (M2), bank credit (BC) and interest rate (INT). Data was sourced from the Central Bank of Nigeria statistical bulletin and National Bureau of Statistics annual report. Regression analysis was applied to estimate the relationship between deposit money banks (DMBs) and economic growth, while Ordinary Least Square (OLS) method was used to estimate the model with the aid of econometric view (E-view). Results obtained from the study showed that deposit money banks through money supply, credit to private sectors and interest rate charged on lending to borrowers significantly impacts on economic growth in Nigeria. The study therefore recommends that Central Bank of Nigeria should direct deposit money banks to make bank charges and interest rate to be at moderate level to enable manufacturers and other productive sectors of the economy to have access to credit at affordable rate. The study further recommends that government through supervision and regulation should make people have banking confidence in the banking system of Nigeria.

Contribution Of Deposit Money Banks To Economic Growth In Nigeria