Impact of Monetary Policy on Unemployment Reduction in Nigeria: 2000-2023

Elizabeth Obiaje and Eunice Aondoakaa
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Elizabeth Obiaje: Bingham University, Karu, Nasarawa State, Nigeria Faculty of Social Sciences Department of Economics
Eunice Aondoakaa: Bingham University, Karu, Nasarawa State, Nigeria Faculty of Social Sciences Department of Economics

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 15, 322-333

Abstract: This paper examined the monetary policy impact on unemployment reduction in Nigeria. The data there were used in the study were annual data which span from 2000 to 2023.Monetray policy in this study was proxied using monetary policy rate, Money supply and inflation rate, unemployment rate, on the other hand is the dependent variable. Given the nature of the study, this paper adopted the ex-post Facto study design. Data on monetary policy rate, inflation, money supply, and unemployment were obtained from the CBN data bulletin. The hypotheses of this study were tested using the ARDL statistics. Findings unveiled that inflation and money supply has a significant relationship with unemployment while monetary policy rate has a negative but significant relationship with the dependent variable. The researcher recommended that the monetary authorities should ensure that the money supply should be increased significantly so that there will be money in the economy this will lead to increase in employment, poverty reduction, improve standard of living amongst others.

Date: 2025
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