Jimoh, Abdulrazaq Taiye2021-06-032021-06-032014Ijaiya, et al (2014)https://uilspace.unilorin.edu.ng/handle/20.500.12484/5826The search for a sound financial system led to trials of different designs by many countries. One of such designs in Nigeria is the adoption of universal banking in 2001. The adoption was borne out of the many benefits which have been ascribed to the system. However, the reversal of the model in year 2011 pointed to the Nigeria’s inability to avail herself of those potentials or perhaps such benefits were marred by attendant costs of adopting the model. This paper evaluates the impact of universal banking on the Nigerian economy. Mann-Whitney U was employed as the statistical tool for testing the null hypothesis at 5% level of significance. The result of the test shows that there is no significant difference in the contribution of universal banking model to GDP during the periods. The study concludes that the shift to the former commercial banking system was appropriate.enUniversal bankingSynergyGDPfinancial sectorNigeriaArticle