The Impact Of Money Supply On Economic Growth In Nigeria (1970-2007)

The study examined the impact of money supply on economic growth in Nigeria. In the model specified, real gross domestic product (real GDP) is the regress while real exchange rate, broad money supply and real interest rate are the regressors. Data was collected from CBN statistical bulletin for the period 1970-2007. The statistical technique used for the analysis is the ordinary least square, with the aid of P.C. give 8.00 software package.

The result indicates that the expansionary credit being supplied in Nigeria within the period under review failed to  influence the real gross domestic product. Real interest rate being the only significant regressor is not one of the target variables of monetary policy. It has been identified that the major problem militating against the poor performance of monetary policy instruments in influencing real GDP in Nigeria is time-lags involved which now makes any policy   employed by the government to take many months to achieve its full effect.

In effect to this, the effectiveness of influencing real GDP in Nigeria maybe promoted by emphasizing on real interest rate instead of on monetary target variables due to the fact that real interest rate is statistically significant.

 

Title Page

Approval Page

Dedication

Acknowledgement

Table of Content

Abstract

CHAPTER ONE: 

INTRODUCTION 

1.1  Background of the Study

1.2  Statement of Problem

1.3  Objectives of Study

1.4  Research Hypothesis

1.5  Significance of the Study

1.6  Sources of Data and Its Scope 

CHAPTER TWO: 

REVIEW OF LITERATURE

2.1  Theoretical Literature

2.2  Empirical Literature

2.3  Meaning of Monetary Policy

2.4  Objectives of Monetary Policy

2.5  Monetary Policy Formulation in Nigeria 

2.6  Determinants of Money Supply in Nigeria 

2.7  Nigeria Financial  Institutions

2.8  Objectives of  Nigerian Financial 

2.9  Significant Developments in the Nigerian financial Institution in recent times

2:10 The Impacts of Money Supply in Nigeria Economy

2.11 Control of Money Supply in Nigeria

CHAPTER THREE: RESEARCH METHODOLOGY 

3.0  Introduction

3.1  Institutional Consideration 

3.2  Estimation Procedure

3.3  Model Specification

3.4  Method of Evaluation 

3.5  Decision Rule

3.6  Data Required and Sources

CHAPTER FOUR 

4.0  Presentation and Analysis of Result

4.1  Presentations of Results

4.2  Analysis Based on Statistical Criteria (1st Order Test)

4.3  Econometric Test or 2nd Order Test 

CHAPTER FIVE 

5.0  SUMMARY, CONCLUSION AND  POLICY RECOMMENDATION 

5.1  Summary

5.2  Conclusion

5.3  Policy Recommendation

      Bibliography

      Appendix