Impact of Monetary Policy on Industrial Growth in Nigeria

Owolabi A. Usman () and Adegbite Adejare

International Journal of Academic Research in Business and Social Sciences, 2014, vol. 4, issue 1, 18-31

Abstract: The study empirically examines the impact of monetary policy on industrial growth in Nigerian economy, in line with the objectives of this study, secondary data were obtained from central bank of Nigeria statistical bulletin covering the period of 1970 to 2010. In concluding the analysis, multiple regressions were employed to analyze data on such variables, manufacturing output, Treasury Bills, Deposit & leading and Rediscount Rate for Nigeria over the period 1970 to 2010 were all found have significant effects on the industrial Growth with the Adjusted R2 of 0.8156 (81.56%). Following the outcome of this study, it is therefore concluded that Rediscount Rate, and Deposit have significant positive effect on industrial output but Treasury Bills has the negative impact on industrial output. All the variables are statistically significant. It is order to improve economic growth; it is recommended that government should develop the industrial sectors of the economy through its capital expenditure. With this, capital expenditure on produtives activities and social overheads capital will contribute positively to industrial growth which will invariably enhance economic growth.

Keywords: Monetary policy; Deposits; Inflation; Industrial output; Rediscount rate; Nigerian Economy (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:hur:ijarbs:v:4:y:2014:i:1:p:18-31

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