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Influence of Monetary Policy Variables on Manufacturing Firms: An Empirical Analysis of Nigerian Manufacturing Firms

Author

Listed:
  • Orok, Akaninyene
  • John, John
  • Ikoh, Itoro
  • Ogaga, Timiepere
  • Orok, AfomaJesus

Abstract

This study examined monetary policy variables and their impact on the performance of selected manufacturing firms in Nigeria. The objectives were to evaluate how money supply, the monetary policy rate, interest rate, and exchange rate influence manufacturing firm performance in Nigeria, using Dangote Group as a case study. The study used the ordinary least squares (OLS) multiple regression method to test and estimate relevant equations. The results showed a positive and significant relationship between money supply and Dangote Group's performance; the monetary policy rate also had a positive and significant effect on Dangote companies, while the interest rate had a significant negative effect on their performance. The study therefore recommended that monetary authorities should improve current macroeconomic variables, such as money supply and inflation, to enhance manufacturing sector performance. Additionally, it suggested that monetary authorities should continue adjusting the monetary policy rate to promote stability and improve the performance of Nigeria’s manufacturing sector.

Suggested Citation

  • Orok, Akaninyene & John, John & Ikoh, Itoro & Ogaga, Timiepere & Orok, AfomaJesus, 2021. "Influence of Monetary Policy Variables on Manufacturing Firms: An Empirical Analysis of Nigerian Manufacturing Firms," MPRA Paper 87804, University Library of Munich, Germany, revised 2021.
    • Handle: RePEc:pra:mprapa:87804
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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