Least Squares Method of Analysis of Financial Deepening on All Share Index in Nigeria

                @article{CRSIJ26000533,
                  author = {Ishaka Audu Jimoh, Nuruddeen Hassan Danrimi},
                  title = {Least Squares Method of Analysis of Financial Deepening on All Share Index in Nigeria},
                  journal = {Cosmo Research and Science International Journal},
                  year = {2026},
                  volume = {2},
                  number = {3},
                  pages = {51-66},
                  issn = {3108-1584},
                  url = {https://cosmorsij.com/published/CRSIJ26000533.pdf},
                  abstract = {Generally, financial deepening has been energetic in development, economic growth and constancy. Financial deepening encircles the extension in monetary resources. This study examined the Least Squares Method of Analysis of Financial Deepening on All Share Index in Nigeria, by detecting the liberated impacts of all share index, credit to private sector, money supply, access to financial services and financial inclusion to the growth of the economy, using annual series data between 1986 and 2025. The study uses least squares method of analyses, the results shows that credit to private sector, money supply, access to financial service and financial inclusion have a significant impact on Nigeria’s all share index. The coefficient of credit to private sector, money supply and access to financial service are positive (0.099500, 0.003374 and 3.792736) implying that a unit rise in credit to private sector, money supply and access to financial service would result in a 0.0995, 0.0034 and 3.7927 unit increases in the overall performance of stock market in Nigeria with probability value of 0.0000, 0.9668 and 0.0057 implying that CPS and AFS are statistically significant at 1% but M2 is not statistically significant between the period under review. Whereas the coefficient of financial inclusion is negative (3.238600) implying that a unit increase in financial inclusion would result in a 3.238 unit decreases in all share index which measured the overall performance of stock market in Nigeria with probability value of 0.0173 implying that financial inclusion is statistically significant between the period under review. Additionally, the R-squared provides the predictive power of a model, which is calculated to be 0.942082. The study recommended that Nigeria Stock Exchange should educated the masses on financial markets operation especially about shares of companies and how it operates and to ensure the markets is monitor by the right agencies in order to avoid misconducts and boost private sector participation. Similarly the development of the money and capital markets should be ordered by the administrators of macroeconomic in the country to enlarge the level of economic growth in the country. Finally, the study also recommended that central bank should encourage financial liberalization in the economy and to helps in regulating credit controls and allowing market to dogged real interest rates and legislate a policy that allow financial penetration across the nation.},
                  keywords = {Least Squares Method, Financial Deepening Indicators, All Share Index, Nigeria},
                  month = {November}
        }