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All Journal Mustard Journal De Ecobusin
Samuel Oweh Abang
Department of Economics, Faculty of Social Sciences, University of Calabar
Economics, Econometrics & Finance

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Price stickiness-income inequality nexus, impact on monetary policy in Nigeria Samuel Oweh Abang; Kenneth Onaiwu Arasomwan; Oluwafemi Ayodele; Nkechi Stella Omang
Mustard Journal De Ecobusin Vol. 1 No. 3 (2024): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v1i3.86

Abstract

This study examines the impact of price stickiness-income inequality nexus, om monetary policy in Nigeria from 1984 to 2023. The model formulated depicts monetary policy rate (MPR) as the dependent variable while gross domestic product (GDP), nominal exchange rate (NER), inflation (INF), interest rate (INT), consumer price index (CPI) as a measure of price stickiness and income inequality (IND) are independent variables. These data were sourced and extracted from CBN Statistical Bulletin. The study employed the OLS, Cochrane Orcutt and the chain rule to find the transmission mechanism. The ADF test reveals that the variables were all stationary at level. The study recommends that Monetary authorities are also encouraged to decrease the MPR. This will allow the banks to have enough cash to give to industries, the manufacturing sector and especially the small and medium enterprise. This will thus lead to creating of jobs to will lead to a balance or reduction in the income inequality It decreases interest rate and therefore encourages lending and investment and by extension, increase in output. Monetary authorities must however be wary of the tendency of an increase in money supply to lead primarily to inflation. Monetary authorities must ensure viable productive potentials in the economy respond positively to the rise in money supply.
Fiscal Policy, Economic Diversification and Economic Growth in Nigeria an Analysis on The Long Run Relationship Arasomwan Kenneth Onaiwu; Samuel Oweh Abang; Omang Nkechi Stella; Ayodele Oluwafemi
Mustard Journal De Ecobusin Vol. 1 No. 4 (2024): Mustard Journal De Ecobusin (MJDE)
Publisher : Generasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37899/mjde.v1i4.87

Abstract

Nigeria’s fiscal policy has largely centered on short-term objectives such as revenue generation, with inadequate focus on long-term structural reforms. The economy remains characterized by an inefficient tax system and a persistent dependence on oil revenue despite efforts toward diversification. This study investigates the impact of fiscal policy, economic diversification, and economic growth in Nigeria using annual time-series data from the Central Bank of Nigeria, National Bureau of Statistics, and World Bank covering 1984–2023. Employing descriptive statistics, the Augmented Dickey-Fuller and Phillips-Perron unit root tests, and the ARDL model, the study uses real GDP as the dependent variable and tax, government expenditure, domestic debt, gross fixed capital formation, and diversification index as independent variables. The results indicate that a 10% increase in tax, government expenditure, and diversification index leads to a 0.76%, 1.31%, and 0.84% rise in economic growth, respectively, while a 10% rise in domestic debt reduces growth by 2.69%. The findings show that tax, domestic debt, and diversification index significantly influence growth. Hence, the study recommends strengthening tax mobilization to reduce dependence on oil revenues and enhance macroeconomic stability.
Co-Authors Arasomwan Kenneth Onaiwu Ayodele Oluwafemi Kenneth Onaiwu Arasomwan Nkechi Stella Omang Oluwafemi Ayodele Omang Nkechi Stella