IMPERATIVE OF FINANCIAL MANAGEMENT INNOVATIONS TO SUSTAINABLE ECONOMIC GROWTH IN NIGERIA
Keywords:
Financial management, innovation, Economic Growth, Nigeria.Abstract
This research focused on the imperative of financial management innovations to sustainable economic growth in
Nigeria. While reviewing the extant literature on financial innovations, this study specifically sought to unearth the positive and negative dimensions of the discourse. Findings were seen from two angles. One of the positive contributions of financial innovation is it remains adaptable to suit different conditions or purposes. It also promotes business activities of a country. On the negative side, financial innovations orchestrated some cyber
related crimes exemplified by ponzi schemes, 'yahoo boys' phenomenon, and the likes; all targeted at swindling
unsuspecting persons. It was concluded that in spite of complexity of technology induced contemporary illegalities,
financial innovations had impacted positively and significantly on the global financial system. It therefore called for shrewdness among owners and managers of financial institutions to encourage competitiveness in the financial sector, and to invest in growth-enhancing innovations