Paper Title
Monetary Policy and International Trade: A Case Study of the Nigerian Economy
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Authors
Yakub Kareem
Keywords
Abstract
The Nigerian economic system attracts international investment, and it is important to understand how the country’s policy relates to external capital inflows. In this case, the effectiveness of the monetary policy and international trade on the Nigerian economy is still a debatable issue, particularly related to the efficiency of the dependency mechanism. Accordingly, there is a need to check how monetary policy instruments improve the level of international trade for economic growth. This study examined the role of monetary policy and international trade on the Nigerian economy (1982-2021). The study used secondary time series data from the Central Bank of Nigeria, Statistical Bulletin, and the World Bank Development Indicators (2022). An auto-regressive distributed lag (ARDL) technique was employed in this study. Pre-estimation tests showed Interest rates (INTR), Gross capital formation (GCF), and Trade openness (OPNSS), were integrated of order zero, I(0). While GDP per capita (GDPk), Money supply (MS), and Exchange rates (EXR) were integrated of order one, I (1). The Error Correction Term (ECT) coefficient showed a 29 percent speed of adjustment (moderate), which implies a correctness level towards equilibrium from monetary policy and international trade activities of Nigeria’s economy. Findings reveal that MS, INTR, and EXR, negatively but significantly affects the GDP per capita in the short run, while GCF and OPNSS was found to affect GDPk positively. Categorically, international trade has positively contributed to the economy. However, the monetary authority needs an efficient policy to stimulate money flow in the economy. Based on this result, the study recommends that government should put measures to place to stimulate the flow of money circulating in the economy in the short-term period. Nigeria can increase its GDP per capita performance by relying on its trade liberalization policy in all its manifestations and its global trade policy.
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Yakub Kareem (February-2024). Monetary Policy and International Trade: A Case Study of the Nigerian Economy. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(2), b746-b764. https://ijnrd.org/papers/IJNRD2402188.pdf
Issue
Volume 9 Issue 2, February-2024
Pages : b746-b764
Other Publication Details
Paper Reg. ID: IJNRD_208381
Published Paper Id: IJNRD2402188
Downloads: 000121985
Research Area: Social Science and HumanitiesÂ
Country: Gwagwalada, FCT, Abuja, Nigeria
Published Paper PDF: https://ijnrd.org/papers/IJNRD2402188.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2402188
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