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Abstract
This study examined the impact of financial deepening on economic growth in Nigeria from 2009-2019.Specifically the study utilizes broad money supply ratio to Gross Domestic Product, credit to private sector ratio to gross domestic product, market capitalization ratio to gross domestic product as proxies to measure financial deepening and real gross domestic product to measure economic growth. The Annual data from the period of 2009 to 2019 were obtained from Central Bank of Nigeria (CBN) Statistical Bulletin and National Bureau of Statistics. Ordinary least square regression technique was employed and other pre and post estimation and diagnostic tests were conducted at the significant level of 5%. The result showed that broad money supply ratio to Gross Domestic Product has a positive and non-significant impact on real gross domestic product; market capitalization has a negative and non-significant impact on real Gross Domestic Product, while credit to private sector ratio to gross domestic product has a negative and insignificant impact on real Gross Domestic Product. F-statistics and probability revealed that the study is jointly non-significant; hence the study therefore concluded that financial deepening has non-significant impact on the economic growth in Nigeria. The study therefore recommended that government of the developing countries should note that credit to private sector ratio to Gross Domestic Product for the period of this study had a negative and insignificant impact on real Gross Domestic Product hence emphasis should be laid on this area for the overall economic efficiency. It further recommends a loosed access to credit facilities as furtherance to an increased financial deepening. Keywords: Financial Deepening, Economic Growth, Market Capitalization