Effect of monetary policy on economic growth in nigeria in the post structural adjustment programme

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Kelechi Johnmary Ani
Chigozie Onu
صندلی اداری

Abstract

The study investigated the effect of monetary policy on economic growth during post structural adjustment programmer in Nigeria. It used the expo-facto design. Secondary data for the period of 1985-2015 were utilized. The data were extracted from the Central Bank of Nigeria (CBN) Statistical Bulletin and the National Bureau of Statistics (NBS). The linear regression with the application of Ordinary least Squares (OLS) technique was employed to estimate the parameters of the model numerically. Finding revealed that broad money supply had a positive and significant effect on economic growth in Nigeria during post structural adjustment programmer from 1986-2015. Interest rate had a negative and significant effect on economic growth in Nigeria during the same period and inflation rate had a positive and insignificant effect on economic growth in Nigeria at the same time. The study recommended that Central Bank of Nigeria should facilitate the emergence of market based interest rate that would attract both domestic and foreign investments, as well as create jobs, and promote non-oil export, while reviving industries that are currently operational, far below installed capacity. In order to strengthen the financial sector, the Central Bank has to encourage the introduction of more financial instruments that are flexible enough to meet the risk preferences and sophistication of operators in the financial sector.

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Author Biographies

Kelechi Johnmary Ani, Alex Ekwueme Federal University

KELECHI JOHNMARY ANI PhD holds a Bachelor of Arts degree in History and International Relations from Ebonyi State University, Abakaliki (Second Class Upper). He bagged a Post Graduate Diploma in Education from Kashim Ibrahim College of Education- University of Maiduguri affiliated and a Masters’ degree in International History and Diplomacy from the University of Maiduguri, all in Nigeria. He proceeded to North West University, South Africa where he graduated with a PhD in Peace Studies. He has peace, conflict and African political history as his areas of research interest. Dr. Ani is also a lecturer in the Department of History and Strategic Studies, Alex Ekwueme Federal University Ndufu-Alike, Ikwo, Ebonyi State, Nigeria. He was a Post-Doctoral Research Fellow in the Department of Politics and International Relations, North West University, Mafikeng Campus, South Africa before his appointment as research fellow in the School of Public Management, Governance and Public Policy, University of Johannesburg, South Africa. Dr Ani was also appointed an International Doctoral Thesis Examiner in the Graduate School of Business and Leadership, University of Kwazulu-Natal, South Africa.

Ani is a Regular member of International Peace Research Association (IPRA); member, South African Association of Political Studies (SAAPS); member, Historical Society of Nigeria and member, Africa Peace Research and Education Association (AFPREA). Ani, K. J. is the editor of  Environmental Conflicts and Peacebuilding in Africa: A Festschrift for Victor Ojakorotu, Academica Press: Washington-London (2019); co-editor with Victor Ojakorotu, & Kelvin Bribena in Conflicts and Human Security Threats in Africa, Academica: Washington (2019); and co-editor with Kayode Eesuola in the book, International Relations and Security Politics in Africa: Essays in Honour of Professor Victor Ojakorotu, St James Studies in World Affairs, Academica: Washington, DC (2019).  Dr. Ani was a member, Editorial Board, Africana Studies Review, Centre for African and African American Studies, Southern University at New Orleans, USA and Guest Editor; Journal of Nation Building and Policy Studies, UK. He is the Editors-in-Chief for the EBSU Research Insight in Ebonyi State University Abakaliki as well as Conflict Resolution & Societal Reviews published by the Conflict Resolution Scholars Association (CRSA) of Nigeria. He can be reached through kani4christ@gmail.com and kelechi.ani@funai.edu.ng.

Chigozie Onu, Nnamdi Azikiwe University Awka

Department of Banking and Finance

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