Volume 2 - Issue 2, March - April 2026

The study examined the relationship between macroeconomic determinants and entrepreneurial financing in Nigeria during the period spanning from 1986 to 2024. The study's objectives were to examine how exchange, interest, inflation, and gross domestic product growth rates affect entrepreneurial financing in Nigeria. The Nigeria Bureau of Statistics, World Bank Development Indicators, and the Central Bank of Nigeria (CBN) statistical databases provided reliable data for the study. To explore the data collected at the 95% confidence interval, unit root test, and the autoregressive distributed lag framework were utilised. The unit root test demonstrated that the variables are stationary at both levels and first difference, requiring the ARDL F-Bound test, which verified the absence of long-run form among the variable. The ARDL error correction model result showed that exchange and GDP growth rates were negative and insignificant to entrepreneurial financing; whereas, interest and inflation rates were positive but insignificant to entrepreneurial financing. This study concluded that entrepreneurial financing in Nigeria is predominantly influenced by historical levels and interest rate fluctuations, whereas exchange rates, inflation, and GDP growth exert minimal short-term effects. The study recommended that the Federal government of Nigeria, in partnership with financial institutions, should implement revolving credit schemes and long-term credit lines aimed at small and medium enterprises (SMEs) and startups. These programs should not be isolated initiatives but integral components of a comprehensive national strategy that promotes recurring borrowing, reinvestment, and business expansion. This consistency can bolster confidence among entrepreneurs and financial service providers, progressively integrating EF into Nigeria's financial ecosystem.

Ofodum, Obianuju Adanna,"Macroeconomic Determinants of Entrepreneurial Financing in Nigeria: An Empirical Investigation" International Journal of Advanced Multidisciplinary Research and Educational Development, V2(2): Page(588-599) Mar-Apr 2026. ISSN: 3107-6513. www.ijamred.com. Published by Scientific and Academic Research Publishing.