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ABSTRACT
This study has empirically examined the relationship between foreign capital inflows and financial sector development in Nigeria for the period 1986 to 2021. The rationale for the study was based on the realization that foreign capital inflows play significant role in financial sector development. The Autoregressive Distributed Lags (ARDL) was employed for the analysis of data, and the results generally indicate that, foreign direct investment (FDI) and other development assistance (ODA) have significant positive relationship with financial sector development in Nigeria. While foreign portfolio investments (FPI) and interest rate (INTR) has a weak positive relationship with financial sector development in Nigeria. That of inflation rate (INFR) is negative and does not have any significant impact on financial sector development in Nigeria. The study therefore concludes that foreign capital inflows are relevant factor in the determination of the financial sector development in Nigeria.
