We examined the impact of financial deepening on the economic growth of Nigeria, from 1981 - 2021. The objective of the study was to investigate how money supply, credit to private sector and market capitalisation impacted on economic growth in Nigeria. We employed ex post facto research design in collecting data obtained from CBN statistical bulletin and the National Bureau of statistics for various years. Data obtained from the study was analysed and estimated using the Autoregressive Distributed Lag (ARDL) Model. Results from the study showed that money supply (MS) has a positive and significant impact on economic growth in Nigeria; and credit to private sector (CPS) has significant impact though with negative coefficient value on Nigeria’s economic growth. On the basis of the results, we recommend that monetary authorities should be proactive in its policies, reforms, and innovations to ensure adequate deepening of the financial markets and institutions for a healthy competition in the industry so that funds are adequately mobilized from surplus units and channeled efficiently to the productive business class of the Nigerian economy.
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