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Abstract
The study examined the impact of monetary policy on economic growth in Nigeria; for the period 1990-2020. Secondary data were collected from the Central Bank of Nigeria Statistical Bulletin. The study used Gross Domestic Product as proxy for economic growth and employed as the dependent variable; whereas, money supply, average price (proxy for consumer price index), labour force and interest rate respectively were used as the explanatory variables to measure monetary policy. Hypotheses formulated were tested using Ordinary Least Square (OLS) techniques. The study revealed a significant impact of Average Price (proxy for consumer price index) (AVP) on Gross Domestic Product in Nigeria. Money Supply (MS) had a significant impact on Gross Domestic Product in Nigeria. Labour Force had a significant impact on Gross Domestic Product in Nigeria. The study concluded that money supply which is the variable of interest may have been affected by change in economic activity, which influenced the desire to hold currency for unproductive purposes. The study recommended that that monetary policy measures should be well co-ordinated so that the desired behavioural changes in the real sector will be achieved. It was also recommended that Policies adopted should be limited to the absorptive capacity of the economy. This will create jobs, promote export and revive industries that are currently far below installed capacity.
