INFLATION TARGETING AND INDUSTRIAL PERFORMANCE IN NIGERIA (1991 – 2023)

Egbewole Abdulazeez Bunmi (egbewole.ab@unilorin.edu.ng), Akanbi Saad Babatunde (astunde@unilorin.edu.ng) and Alabi Moshood Kolawole (alabi.mk@unilorin.edu.ng)
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Egbewole Abdulazeez Bunmi: Department of Economics, Postal: University of Ilorin, Ilorin, Nigeria, ,, https://jted.citn.org/
Akanbi Saad Babatunde: Department of Economics,, Postal: University of Ilorin, Ilorin, Nigeria,, https://jted.citn.org/
Alabi Moshood Kolawole: Department of Economics, Postal: University of Ilorin, Ilorin, Nigeria, ,, https://jted.citn.org/

Journal of Taxation and Economic Development, 2024, vol. 23, issue 1, 87-104

Abstract: The study investigates the impact of inflation targeting on industrial sector development in Nigeria covering periods from 1991 to 2023. The analytical methods employed include Augmented Dickey-Fuller unit root test, Johansen test for co-integration and Error Correction Mechanism. The study found that inflation target exerts significant inverse influence on industrial development in Nigeria after 24 months. Consequently, the Central Bank of Nigeria (CBN) should be more consistent in monetary policy and establish credit guarantee scheme for small scale entrepreneurs in the industrial sector similar to the agricultural credit guarantee scheme.

Keywords: Agricultural credit guarantee scheme; CBN; Inflation targeting; Monetary policy (search for similar items in EconPapers)
JEL-codes: E31 E52 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jotaed:0086

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