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Inflation Targeting And Industrial Performance In Nigeria (1991 – 2023)

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Abstract

The study investigates the impact of inflation targeting on industrial sector development in Nigeria covering periods from 1991 to 2023. The analytical methods employed include Augmented Dickey-Fuller unit root test, Johansen test for co-integration and Error Correction Mechanism. The study found that inflation target exerts significant inverse influence on industrial development in Nigeria after 24 months. Consequently, the Central Bank of Nigeria (CBN) should be more consistent in monetary policy and establish credit guarantee scheme for small scale entrepreneurs in the industrial sector similar to the agricultural credit guarantee scheme.

Suggested Citation

  • Abdulazeez Bunmi , EGBEWOLE & Saad Babatunde, AKANBI & Moshood Kolawole, ALABI, 2024. "Inflation Targeting And Industrial Performance In Nigeria (1991 – 2023)," Journal of Taxation and Economic Development, Chartered Institute of Taxation of Nigeria, vol. 23(1), pages 87-104, March.
    • Handle: RePEc:ris:jotaed:0086
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    Keywords

    Agricultural credit guarantee scheme; CBN; Inflation targeting; Monetary policy;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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