Ms Ladi Bala-Keffi

Research project: Financial Systems Stability and Economic Growth: Evidence from Nigeria


The thesis focused on investigating the relationship between financial instability and economic growth in Nigeria. It also analyzed the impact of intervening variables such as financial inclusion and debt threshold, which could potentially alter the relationship. The study made five major findings; first, financial instability affects economic growth negatively and the relationship is state-dependent; second, there is evidence of a financial inclusion threshold (about 20 percent of GDP), beyond which financial stability hurts growth; third, an optimal debt threshold was determined to be 55 percent of GDP – above this level the effect of financial instability on growth becomes pronounced; fourth, the impact of debt threshold is dissimilar across regimes of high and low debt; and fifth, economic prosperity leads financial instability in Nigeria which is in consonance with Minsky's hypothesis. The study recommended state-specific, rather than ‘all-seasons' policies for ameliorating the negative effects of financial instability.

  • Research degree: PhD
  • Title of project: Financial Systems Stability and Economic Growth: Evidence from Nigeria
  • Research supervisor: Dr Jalal Siddiki


I am a Deputy Director, and the Head, Macroeconomic Policy Analysis Division (MPAD) in the Central Bank of Nigeria (CBN). I have about 31 years of experience, which spans Operations, International Economic Relations, Research, and Monetary Policy Departments.  I have authored several publications in reputable local and international journals on Financial Stability, Financial Inclusion, Women Economic Empowerment, Monetary Policy, and Remittances.

I have represented the CBN in several international and regional agencies such as IMF, World Bank, WTO, UNCTAD, African Union, AfDBG, ECOWAS single currency, and regional integration projects, as well as trade issues. I have contributed to the World Bank and AfDBG Country Strategy Position for Nigeria for over 12 years and was also a member of Nigeria's negotiation team for the EU-ACP Agreements. I currently represent the CBN in Nigeria's National Action Committee for the Implementation of the African Continental Free Trade Area. 

Areas of research interest

  • Financial Inclusion
  • Institutions
  • Trade
  • Monetary Policy
  • Remittances
  • Women Economic Empowerment


  • PhD in Economic, Kingston University, London
  • M.Sc. Political Economy for Development, School of Oriental and African Studies, London
  • MA International Economic Relations B, Ahmadu Bello University, Zaria, Nigeria
  • B.L, Law, Nigerian Law school Buari, Abuja
  • LL.B (Civil Law), Ahmadu Bello University, Zaria, Nigeria
  • B.Sc. Political Science/International Relations, Ahmadu Bello University, Zaria, Nigeria
  • Advanced Certificate in French, University of Sorbonne, Paris


 Bala-Keffi, L.R., Oduh, M., and Ihediwa C.C. (2016) Does a Case Exist for Multiple Monetary Policy Instruments and Targets in Nigeria? (2016, June WAIFEM Journal)

Bala-Keffi, L.R., Olaoye, O.J. Osunde, D, and Afiemo, O. (2014). The Effects of the Central Bank of Nigeria's 2009/2010 Quantitative Easing Policy on Banks' Lending Behaviour. (West African Journal of Monetary and Economic Integration, Vol 15 No 2, ISSN 0855-594X)

Tule, M.K., Bala-Keffi, L.R., and Ogiji, P (2014). Monetary Policy and Currency Substitution: Evidence from Nigeria. (West African Journal of Monetary and Economic Integration Vol 14 No 1. ISSN 0855-594X)

Bala-Keffi, L.R., Mbaka, D.G. and Usman, N. (2020). Alternative Core Inflation Measures in Nigeria: An Examination (Applied Economics and Finance 7 (4), 112-120)

Bala-Keffi, L.R., Tawose, J.O., Afangideh, U. J., Jimoh, L. (2020). The Effects of Prudential Regulations on Banks' Performance in Nigeria. (Global Business and Economic Anthology, 22)

Adenuga, A.O. and Bala-Keffi, L. R. (2005). Inward Remittances and Economic Development in Nigeria: Issues and Policy Options. (The Journal of Banking and Finance (JBF) Volume 7 No.2, Lagos Financial Institutions Training Centre)

Bamidele, A. Jibrin M., Bala-Keffi L.R., Imam S.Z. and Owolabi, O. H. (2015). Effects of Monetary Policy Actions on Banking System Stability in Nigeria. (Economic and Financial Review (EFR))

Conference papers

Ohuche, F.K., and L.R. Balakeffi (2012) Energy Price Shocks and Monetary Policy in an Open Economy in Transition: Evidence from Nigeria. Proceedings of the 2012 Annual Conference of the Nigerian Association of Energy Economists (NAEE).