INFLUENCE OF MONETARY POLICY ON ECONOMIC GROWTH IN NIGERIA

OBOMEILE Cyril (PhD); IBIFUNMILOLA, Michael; EDOSA Monday

doi:10.5281/zenodo.14720460

INFLUENCE OF MONETARY POLICY ON ECONOMIC GROWTH IN NIGERIA

Authors

OBOMEILE Cyril (PhD) Department of Business Administration, Faculty of Management Sciences, Ambrose Alli University, Ekpoma https://orcid.org/0009-0000-8721-1457
IBIFUNMILOLA, Michael Department of Accounting and Finance, College of Management and Social Sciences, Glorious Vision University, Ogwa, Edo State.'t https://orcid.org/0009-0000-8721-1457
EDOSA Monday Department of Accounting and Finance, College of Management and Social Sciences, Glorious Vision University, Ogwa, Edo State.'t https://orcid.org/0009-0000-8721-1457

DOI:

https://doi.org/10.5281/zenodo.14720460

Abstract

The study empirically investigated the influence of monetary policy on economic growth in Nigeria
from 1982-2023. To facilitate the study an econometric model was specified wherein economic growth
was proxy with gross domestic product (dependent variable), while monetary policy variables such
money supply, cash reserve ratio, monetary policy rate, financial deepening and inflation were used as
the dependent variables. Data were collected from CBN statistical bulletin and analysed with ordinary
least square regression analysis. The result showed that money supply positively influences economic
growth, whereas financial development negatively and significantly influences economic growth. It was
therefore recommended among others that there is need for government to initiate and push forward
effective and efficient monetary policy measures to adequately stabilise prices, reduce poverty and
inequality by encouraging holistic macroeconomic growth.

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2025-01-22

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OBOMEILE Cyril (PhD), IBIFUNMILOLA, Michael, & EDOSA Monday. (2025). INFLUENCE OF MONETARY POLICY ON ECONOMIC GROWTH IN NIGERIA. GVU Journal of Management and Social Sciences, 9(2), 188–199. https://doi.org/10.5281/zenodo.14720460

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Vol. 9 No. 2 (2024): GVU Journal of Management and Social Sciences

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INFLUENCE OF MONETARY POLICY ON ECONOMIC GROWTH IN NIGERIA

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