Figure
Granger causality test result
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Despite the various monetary regimes that have been adopted by the Central Bank of Nigeria over the years, inflation remains a major threat to Nigeria’s economic growth. This study seeks to examine the relationship between monetary policy and economic growth in Nigeria. Starting from the nature and direction of causation, the Granger pair-wise caus...
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Citations
Nigeria’s economy, marked by its diverse sectors and emerging markets, presents a landscape ripe for financial innovations aimed at fostering economic growth. This study delves into the multifaceted nature of Nigeria’s emerging markets and explores the role of financial innovations in propelling economic development. By examining the evolution of financial instruments, regulatory frameworks, and market dynamics, this research elucidates the transformative potential of innovative financial practices in Nigeria. Furthermore, it investigates the impact of technological advancements, such as fintech solutions and digital banking platforms, on expanding financial inclusion and accessibility across various segments of the population. Through empirical analysis and case studies, the study assesses the effectiveness of these innovations in addressing key challenges facing Nigeria’s economy, including access to credit, capital formation, and risk management. Moreover, it examines the interplay between financial innovation, government policies, and institutional frameworks in shaping the trajectory of economic growth in Nigeria’s emerging markets. The findings underscore the importance of fostering an enabling environment that encourages innovation, entrepreneurship, and sustainable financial practices to drive inclusive economic growth and development. This research contributes to the discourse on financial innovation and economic development in emerging markets, particularly within the context of Nigeria’s dynamic economic landscape.
Because of its firm reliance on oil exports, Nigeria, a major oil-producing nation, has seen considerable
economic volatility. The exchange rates and the volatility of oil prices significantly impact the country's
macroeconomic stability, growth, and development. Nigeria's economy mainly depends on oil exports, which
provide 70% of government revenue and more than 90% of foreign exchange revenues. On the other hand,
because of shifts in monetary policy, capital flows, and oil prices, the Nigerian Naira (NGN) has seen
considerable volatility against major currencies, especially the US Dollar (USD). As a result, the GDP grew at
erratic rates, impacted by changes in the price of oil, ranging from -1.6% in 2016 to 3.1% in 2022 (CBN, 2023).
The main subject of this study is the relationship between Nigeria's GDP growth, exchange rates, and oil price
volatility. In particular, the contribution of currency rate and oil price volatility to the engineering and
maintenance of Nigeria's economic growth was investigated. The study also looks at how the exchange rate
affects Nigeria's economic development and how the volatility of the oil price affects that growth. The period
of 40 years (1984–2023) was chosen for empirical investigation. The information was gathered from the
Nigeria Bureau of Statistics (NBS; 2023), journals, the Central Bank of Nigeria Statistical Bulletin (CBN; 2023),
and World Bank statistics. These data sources are thought to be highly trustworthy and dependable.
Nigeria's economy, marked by its diverse sectors and emerging markets, presents a landscape ripe for
financial innovations aimed at fostering economic growth. This study delves into the multifaceted nature of
Nigeria's emerging markets and explores the role of financial innovations in propelling economic
development. By examining the evolution of financial instruments, regulatory frameworks, and market
dynamics, this research elucidates the transformative potential of innovative financial practices in Nigeria.
Furthermore, it investigates the impact of technological advancements, such as fintech solutions and digital
banking platforms, on expanding financial inclusion and accessibility across various segments of the
population. Through empirical analysis and case studies, the study assesses the effectiveness of these
innovations in addressing key challenges facing Nigeria's economy, including access to credit, capital
formation, and risk management. Moreover, it examines the interplay between financial innovation,
government policies, and institutional frameworks in shaping the trajectory of economic growth in Nigeria's
emerging markets. The findings underscore the importance of fostering an enabling environment that
encourages innovation, entrepreneurship, and sustainable financial practices to drive inclusive economic
growth and development. This research contributes to the discourse on financial innovation and economic
development in emerging markets, particularly within the context of Nigeria's dynamic economic landscape.
