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ABSTRACT
This study empirically examined theimpact of monetary policy on economic growth in Nigeria from 1981-2019. Being a time series data, to avoid spurious regression result in our model, the first point of call was to test for stationary of the data by using Augmented Dickey-Fuller unit root test. Then Johansen co-integration technique was used to establish if the stationary variables are co-integrated in the long-run. Further, ECM was employed to correct for any form of dis-equilibrium in the short run. Empirical investigations using the ADF test reveals that all the variables were not significant at levels but where however significant at their first differences. It was discovered that government expenditure on education and total money supply does significantly influence labour productivity in Nigeria. And government expenditure on health and total savings does not significantly affect labour productivity in the period under review. In light of the above findings, fiscal policies aimed at allocating adequate funds to the health and education sectors be adopted and treated with genuine effort by ensuring effective implementations of them. In other words, conscious effort should be made by the government in order to effectively and efficiently fine-tune the various macroeconomic and financial variables in order to stimulate national income vis-à-vis labour productivity in Nigeria.
