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Monetary Policy and Economic Growth in Nigeria (1980-2011)

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  • Michael Baghebo
  • Ebibai Tombra Stephen

Abstract

The Study empirically examined the impact of monetary policy on selected macroeconomics variables such as gross domestic product, inflation, and balance of payment in Nigeria from (1980-2011).Data were extracted from the Central Bank Statistical Bulletin. Monetary policies played an indispensable role in Nigeria’s economy by regulating and stabilizing the volume of money in circulation in order to create an enabling environment for investment, which will foster economic development. Today, the impact of monetary policy has wider implication and this arises partly because of proactive measures put in place by CBN to ensure macroeconomic stability in the country. The study is designed in such a way that it is an econometric investigation of the impact of monetary policy on economic growth in Nigeria using such econometric tools like the ordinary least square (OLS) regression analysis. The error correction method is used to ascertain if there is a static long run equilibrium relationship among the explanatory variables and subsequently derive an adequate dynamic model of the short run relationship. The study shows that the provision of investment friendly environment in the Nigerian economy will increase the growth rate of GDP.

Suggested Citation

  • Michael Baghebo & Ebibai Tombra Stephen, 2014. "Monetary Policy and Economic Growth in Nigeria (1980-2011)," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(1), pages 20-32.
    • Handle: RePEc:asi:aeafrj:v:4:y:2014:i:1:p:20-32:id:1139
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    File URL: https://archive.aessweb.com/index.php/5002/article/view/1139/1648
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    Cited by:

    1. Ajibola, Joseph Olusegun & Oladejo, Titilope Idowu & Adedapo, Kolawoledaud & Agunbiade, Kolawole Adeyemi, 2024. "The Role of Private Investment and the Relationship between Monetary Policy and Economic Growth in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(5), pages 655-672, May.
    2. P.O Idisi & M.A Folorunsho & G.F Safugha, 2023. "Review of the Effect of Monetary Policy on Smallholder Farmers in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(10), pages 801-811, October.
    3. Kingsley Imandojemu & Bosede Ngozi Adeleye & Babatunde Aina, 2023. "Monetary Policy And Economic Growth In Nigeria: Evidence From Bounds And Bayer-Hanck Cointegration Techniques," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 68(236), pages 81-103, January –.

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