THE IMPACT OF MONETARY POLICY ON INDUSTRIAL GROWTH IN NIGERIA
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ABSTRACT
This 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 1995 to 2014. In concluding the analysis, Multiple Regressions were employed to analyze data on such variables as Open Market Operation, Cash reserve, Exchange Rate and Monetary Policy Rate for Nigeria over the period 1995 to 2014 were all found to have significant effects on Industrial Growth with Adjusted R2 of 0.694 (69.4%). Following the outcome of this study, it is therefore concluded that Cash Reserve Rates and Exchange Rate have significant positive effect on the Nigerian Manufacturing Sector Gross Domestic Product, but Open Market Operation and Monetary Policy Rate have negative effect on the Nigerian Manufacturing Sector’s GDP. All the variables are statistically significant. In order to improve economic growth, it is recommended that government should develop the Manufacturing Sectors of the economy through its capital expenditure. With this, capital expenditure on productive activities and social overhead capital will contribute positively to industrial growth which will invariably enhance economic growth.
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