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Macroeconomic Policies, Industrialization and Economic Growth in Nigeria

Author

Listed:
  • Ighodaro, Clement

    (University of Benin)

  • Ajayi-Ojo, Vincent

    (University of Benin)

Abstract

This paper employed the simultaneous equation model using the three-stage least squares technique to analyse the impact of money supply, government expenditure and exchange rate on industrial output; and the effect of industrial output on economic growth in Nigeria. The study used annual data covering 1981 to 2017. It was found that industrial output affects economic growth positively in Nigeria, just as exchange rate has a positive significant impact on industrial output. The study recommends that fiscal policies should be formulated with a clear-cut view to addressing the industrial needs of the country.

Suggested Citation

  • Ighodaro, Clement & Ajayi-Ojo, Vincent, 2019. "Macroeconomic Policies, Industrialization and Economic Growth in Nigeria," Tanzanian Economic Review, Department of Economics, University of Dar es Salaam, vol. 9(1), pages 1-14, June.
    • Handle: RePEc:ris:tanzer:0002
    as

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    More about this item

    Keywords

    economic growth; government expenditure; industrialization; macroeconomic policies; money supply;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods

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