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Financial Inclusion and Resilience to COVID-19 Economic Shocks in Nigeria

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  • Adeniran, Adedeji P.
  • Muthinja, Moses M.

Abstract

We examine the role of financial inclusion, ownership of bank accounts, and previous use of formal financial saving facilities as a resilience factor in the effect of COVID-19 on households' welfare in Nigeria. Using a novel data set that tracks food security among families in Nigeria before and during COVID-19, we find a negative effect of COVID-19 on welfare. The impact is more severe among male-headed households, those living in the southern region of Nigeria, and lower educated households. We also test how financial inclusion mitigates this effect through a triple difference analysis in which the households that are financially included and in non-agricultural sector are considered as the treatment group. Financial inclusion did not support resilience to shock among non-agricultural homes. Given the magnitude and multisectoral dimension of the COVID-19 shock, financial inclusion was not enough to mitigate the effect. This, therefore, points to a role for stronger government support in a large shock like COVID-19.

Suggested Citation

  • Adeniran, Adedeji P. & Muthinja, Moses M., 2024. "Financial Inclusion and Resilience to COVID-19 Economic Shocks in Nigeria," Working Papers 1ce6ac72-bcfe-4403-ac14-1, African Economic Research Consortium.
    • Handle: RePEc:aer:wpaper:1ce6ac72-bcfe-4403-ac14-1d2db1cf492f
    Note: African Economic Research Consortium
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