Indonesian Journal of Contemporary Education
Vol 4, No 2 (2022)

Monetary Policy Schocks and Economic Growth in Nigeria

Anu K. Toriola (Hallmark University, Ijebu-Itele)
Oluwatoba O. Adeniwura (Olabisi Onabanjo University, Ago-Iwoye)
Francis Olawale Lawale (Hallmark University, Ijebu-Itele)
Anayo V. Eyeke (Federal College of Animal Health and Production Technology, Moor Plantation, Ibadan)
Friday C. Nwakpa (Federal College of Animal Health and Production Technology, Moor Plantation, Ibadan)
Isaac Adeniran (Federal College of Animal Health and Production Technology, Moor Plantation, Ibadan)

Article Info

Publish Date
30 Oct 2022

Abstract

This study examines monetary policy shocks and economic growth in Nigeria. This study following ex post facto research design employed a regression model where economic growth was the dependent variable while money supply, inflation and interest rate were the explanatory variables. Time series data over the period of 1986 to 2018 sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and World Bank Development Index (WDI) was utilized. The study employed the Vector Autoregression (VAR) techniques in the analysis. The result of the vector autoregression estimation shows that money supply exert a significant positive effect on economic growth in Nigeria while inflation and interest rate exert an insignificant positive effect on economic growth in Nigeria. The result proves that monetary policy shocks exert a significant effect on economic growth in Nigeria while interest rate and inflation do not show any effect. It was recommended that the CBN should ensure the downward review of the Monetary Policy Rate of 12% to 9 percent so as to enhance more financial accessibility.

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Journal Info
Indonesian Journal of Contemporary Education
Website

Abbrev

ijoce

Publisher

SAINTIS Publishing

Subject

Religion Arts Humanities Dentistry Economics, Econometrics & Finance Education Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Nursing Public Health Social Sciences Other

Description

Indonesian Journal of Contemporary Education (IJoCE) is a peer-reviewed open-access international scientific journal who aims to the sharing, dissemination and discussion of the education for the global research community across the country through the dissemination of high quality research findings ...