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Recession and the Challenge of Sustainable Economic Growth in Nigeria: An Evaluation of Macroeconomic Policies

I. O. Oseni, A. T. Okwu, D. A. Babalola () and S. B. Adegboyega
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I. O. Oseni: Olabisi Onabanjo University
A. T. Okwu: Babcock University
D. A. Babalola: Babcock University
S. B. Adegboyega: Olabisi Onabanjo University

Tanzanian Economic Review, 2019, vol. 9, issue 1, 93-112

Abstract: The recent economic recession in Nigeria was manifested shortly after the successful democratic-to-democratic transmission of political power in 2015, against the backdrop of continental and global economy rankings of the country as the largest in Africa, and 24th in the world as at 2014. Based on relevant variables of datasets from 1981 to 2016, this paper employed error correction mechanism on log-linear regression model to evaluate macroeconomic policies being implemented to stabilise and restore the economy on the path of sustainable growth. The variables were surrogates of fiscal, monetary, exchange rate and supply-side policies. The results showed that the respective macroeconomic policies had mixed effects, but jointly had significant growth-retarding effect on the country’s economy. Therefore, the paper concludes that macroeconomic policies had heterogeneous effects, and emphasised the need for appropriate mix of macroeconomic policies to be implemented to sustain and move the economy out of the recession trap.

Keywords: recession; macroeconomic policies; sustainable economic growth; loglinear regression; error correction model (search for similar items in EconPapers)
JEL-codes: C22 C52 E52 E62 F31 (search for similar items in EconPapers)
Date: 2019
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