Academic Journals Database
Disseminating quality controlled scientific knowledge

Does Monetary Policy Influence Economic Growth in Nigeria?

Author(s): Ismail O. Fasanya | Adegbemi B.O Onakoya | Mariam A. Agboluaje

Journal: Asian Economic and Financial Review
ISSN 2305-2147

Volume: 3;
Issue: 5;
Start page: 635;
Date: 2013;
Original page

Keywords: Policy instruments | Economic Growth | Cointegration | Nigeria

This study examines the impact of monetary policy on economic growth in Nigeria.The study uses time-series data covering the range of 1975 to 2010.The effects of stochastic shocks of each of the endogenous variables are explored using Error Correction Model (ECM). The study shows that Long run relationship exists among the variables. Also, the core finding of this study shows that inflation rate, exchange rate and external reserve are significant monetary policy instruments that drive growth in Nigeria .It is therefore recommended that the establishment of primary and secondary government bond markets that can also increase the efficiency of monetary policy and reduce the government’s need to rely on the central bank for direct financing.
RPA Switzerland

RPA Switzerland

Robotic process automation


Tango Jona
Tangokurs Rapperswil-Jona