Augustine Okon Jacob and Okon Joseph Umoh

DOI: 10.26480//bedc.02.2024.57.64

ABSTRACT
Nigeria’s economy, marked by its diverse sectors and emerging markets, presents a landscape ripe for financial innovations aimed at fostering economic growth. This study delves into the multifaceted nature of Nigeria’s emerging markets and explores the role of financial innovations in propelling economic development. By examining the evolution of financial instruments, regulatory frameworks, and market dynamics, this research elucidates the transformative potential of innovative financial practices in Nigeria. Furthermore, it investigates the impact of technological advancements, such as fintech solutions and digital banking platforms, on expanding financial inclusion and accessibility across various segments of the population. Through empirical analysis and case studies, the study assesses the effectiveness of these innovations in addressing key challenges facing Nigeria’s economy, including access to credit, capital formation, and risk management. Moreover, it examines the interplay between financial innovation, government policies, and institutional frameworks in shaping the trajectory of economic growth in Nigeria’s emerging markets. The findings underscore the importance of fostering an enabling environment that encourages innovation, entrepreneurship, and sustainable financial practices to drive inclusive economic growth and development. This research contributes to the discourse on financial innovation and economic development in emerging markets, particularly within the context of Nigeria’s dynamic economic landscape.

KEYWORDS
Financial innovation, Emerging markets, Fintech, Regulatory framework.