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The Theses examines some of the hypotheses advocated by some economists as the vital instrument toward economic growth and development. The works of Mckinnon, Shaw and the Neo-Structuralists were reviewed in great depth. Following the postulations of the Mckinnon - Shaw school and the Neo-Structuralists models, the role of interest rate in particular' in financial deepening and capital development became the centre piece of the study. In addition to that, is the demand for money, the effects of financial liberalisation and short run growth. Attempts were made to provide a contrast on the arguments advocated by the Mckinnon - Shaw school with those of Taylor et al ie the Neo-Structuralists. In support of the hypothesis that financial sector of an economy is important in its economic development, especially in a repressed economy, a thorough review of the Nigerian Financial System, Structure, Growth and Developments were provided in this thesis. The thesis also provides an indepth review of the Nigerian structural adjustment programme (SAP) and the role of the International Monetary Fund (IMF), and the World Bank. The objective of the dissertation, which provides the theme binding the chapters together, is a critical analysis of the operation of the structural adjustment programme for the financial sector, in the light of the theories of financial reform. The grouping into chapters provided a detailed overview of the main schools in financial development theory and the Nigerian economy. The thesis also relates to the dynamics of the demand and supply sides of the economy, the issues of foreign investment and policies and financial intermediation.
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