Indian Journal of Economics and Business Vol. 21 No. 1 (January, 2022) Copyright@ Ashwin Anokha Publications & Distributions http://www.ashwinanokha.com/IJEB.php 441 Financial Inclusion and Inclusive Growth in Nigeria Victor Chukwunweike EHIEDU Accounting, Banking and Finance Department, Faculty of Management Sciences, Delta State University, Abraka A.C.ONUORAH Accounting, Banking and Finance Department, Faculty of Management Sciences, Delta State University, Abraka. Benedicta OWONYE Accounting, Banking and Finance Department, Faculty of Management Sciences, Delta State University, Abraka. *Corresponding Author: ehieduvc@gmail.com Received: 11 th October 2021 Revised: 27 th December 2021 Accepted: 01 st March 2022 Abstract: This study examined the effect of financial inclusion on inclusive growth in Nigeria between the periods of 1981-2020, which is a period of 40years. The study used secondary data (Time Series) from CBN statistical bulletin. The study covers the whole deposit money banks in the Nigeria economy and was limited to evaluation of the various measures of financial inclusion (Rural Bank Deposits (RBDs), Loans of Rural Branches (LRBs), Loans and Advances to Small & Medium Scale Enterprises (LADSMSEs), Bank Branches Spread (BBS), ATM Transactions (ATMs) and Financial Deepening Indicator (FDI) measured by Money Supply to GDP (MS/GDP) ratio) on inclusive growth (proxy Real Gross Domestic Product Growth Rate (RGDPGR)) in Nigeria. The data were analyzed with descriptive statistics which comprises the minimum, the maximum, mean, and standard deviation were used for the preliminary description of the data set. Since the data are annual time series that the stationary test (ADF and Johansen Cointegration Tests) was conducted as if the data are stationary to have accurate regression results. The correlation analysis was used to ascertain the co-movement of the independent variables about the dependent variable while the Multiple Regression analysis was employed with the aid of E-VIEW version 9.0 to test the research hypotheses. The result showed that Rural Bank Deposits (RBDs), Loans and Advances to Small & Medium Scale Enterprises (LADSMSEs), and Financial Deepening Indicator (FDI) has a significant effect on Real Gross Domestic Product Growth Rate (RGDPGR) while Loans of Rural Branches (LRBs), Bank Branches Spread (BBS) and ATM Transactions (ATMs) does not have a significant effect on Real Gross Domestic Product Growth Rate (RGDPGR) in Nigeria. Finally, the study concludes that financial inclusion has a significant effect on inclusive growth in Nigeria. It was recommended that Nigerian banks should develop financial products to reach the financially excluded regions of the country as this will increase the GDP growth rate of Nigeria and inclusive growth. The CBN should help reduce the high interest rate of banks as this would help ensure increased financial intermediation. Keywords: Financial Inclusion, Inclusive Growth, Rural Bank Deposits, Loans of Rural Branches, Loans and Advances to Small & Medium Scale Enterprises Financial Deepening Indicator.