This research work investigates the relationship between inflation, unemployment and economic growth in Nigeria (1980Nigeria ( -2014. The objectives of the study is to examine the short run and the long run relationship between inflation, unemployment and economic growth in Nigeria. It begins with the application of Augmented Dickey-Fuller techniques to examine the unit root property of the time series data after which Autoregressive Distributive Lag Model (ARDL) was used to determine the cointegration or long-run relationship. Lastly, Vector Autoregressive (VAR) model test was conducted to investigate the causal relationship between the variables studied. Empirical findings from ARDL model shows that there is no short and the long run relationship between unemployment rate, inflation rate and real GDP growth rate in Nigeria. The results of VAR model do not indicate robust evidence and do not confirm an inverse linkage between unemployment rate and economic growth. In view of the foregoing, the study therefore recommends the adoption of fiscal measures that enhance economic growth and private sector activities, hence promoting economic growth and employment generation. In addition, key economic incentives are needed towards attracting foreign direct investment (FDI) in productive sectors of the national economy and expanding resource utilization base.

<p>The Nigerian economy depends on over 90% oil exports revenue to drive government expenditure aimed at supporting growth-enhancing fiscal investments. Oil price has therefore become the standard benchmark for estimating aggregate annual revenue projections for all fiscal budgets and overall prospects of budgetary success. Over the years, growth in oil exports revenue and associated growth in government expenditure supported by macroeconomic policy reforms have failed to diversify the economy away from its mono-cultural revenue base. This paper investigated the nexus between oil price shocks, government expenditure and economic growth in Nigeria for the period 1986 to 2018, an era marked by bold market reforms. Generalized Methods of Moments (GMM) and Vector Error Correction (VECM) techniques are used for the empirical examination of the relationship between the study variables. The results indicate a direct and significant relationship between oil price and both government expenditure and economic growth. The exchange rate and exports channels are the intermediaries that transmit oil price shocks to the economy. Similarly, findings have confirmed evidence of the Dutch Disease in Nigeria. Given the ongoing decarbonization of global energy, the study provides recommendations for an urgent shift in growth policy focus away from dependence on oil revenue to bold reforms that will fast-track fiscal and exports revenue diversification and sustainability, anchored on private sector initiatives.</p>

This study empirically analysed the effect of monetary policy on inflation in Nigeria; 1970 – 2018. The objective is to determine the effectiveness of monetary policy instruments on inflation in Nigeria. In doing this, relevant literature was reviewed and theoretical relationship between monetary policy and inflation was established following the quantity theory of money by Irving Fisher. The study employed time series data sourced from the statistical bulletin of Central bank of Nigeria (CBN) 2018. Stationarity test was also conducted on the time series data to determine the order of integration using Augmented Dickey Fuller (ADF) test. The unit root test revealed that inflation rate was stationary at level i.e. I(0) while monetary policy rate, treasury bill rate and cash reserve ratio were stationary at first difference i.e. I(1). The estimated results showed that there is cointegration between monetary policy variables and inflation rate in Nigeria. The results revealed that Monetary Policy Rate (MPR) was statistically significant in the short run after first difference, which indicates that monetary policy rate (MPR) exerts significant effect on inflation in Nigeria in the short run. Based on these findings, the study concluded that monetary policy variables alone are not sufficient enough in maintaining price stability in Nigeria. Therefore, the Federal government, Central Bank of Nigeria (CBN) and policy makers should simultaneously use monetary and fiscal policy instruments to maintain price stability in Nigeria.