Vol. 3 No. 5 (2013), Articles

Vol. 3 No. 5 (2013)

Does Monetary Policy Influence Economic Growth in Nigeria?

Ismail O Fasanya⁺⁻
Adegbemi B.O Onakoya⁺⁻
Mariam A Agboluaje⁺⁻

Ismail O Fasanya

Department of Economics, University of Ibadan, Ibadan, Nigeria

Adegbemi B.O Onakoya

Department of Economics, Tai Solarin University of Education, Ijagun, Nigeria

Mariam A Agboluaje

Department of Economics and Financial Studies, Fountain University, Osogbo, Osun State, Nigeria

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Keywords

Policy instruments, Economic growth, Cointegration, Nigeria

How to Cite

Fasanya, I. O., Onakoya, A. B. ., & Agboluaje, M. A. (2013). Does Monetary Policy Influence Economic Growth in Nigeria?. Asian Economic and Financial Review, 3(5), 635–646. Retrieved from https://archive.aessweb.com/index.php/5002/article/view/1037

Abstract

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.

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