ROLE OF MONETARY POLICY IN STIMULATING NIGERIAN ECONOMIC GROWTH
Abstract
The study investigated the role of monetary policy in stimulating Nigerian economy from (1980-
2022) using time series data obtained Central Bank of Nigeria and National Bureau of statistics. It
aims to examine the role monetary policy in stimulating Nigerian economic growth. The
Augmented Dickey-Fuller test and ordinary list square regression (OLS) method of estimation
were employed as analytical tools in the course of the study. The model used in the study is linear
model in each model. Gross domestic product was explained by interest rate, inflation and money
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supply. The study found that, monetary policy has positive impact and insignificant on economic
growth while the money supply has positive and significant impact on economic growth and
inflation has negative impact and insignificant on economic growth. It further shows that there is
unidirectional between money supply and economic growth.
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