This study examined the effect of monetary policy on the performance of the Manufacturing sector in Nigeria. The explanatory variables are monetary policy rate, Treasury bills rate, Cash reserve requirement and money supply; while the dependent variable is the Manufacturing (MANU) sector output. The study adopted an ex-post facto research design and used secondary data obtained from the CBN Statistical Bulletin. The study covered a period of 32 years (1986 to 2017). The data were subjected to Augmented Dicker Fuller stationarity test to determine the best suitable econometric tool of analyses. The Autoregressive Distributive Lag (ARDL) was used for the model estimation. The results indicate that: monetary policy tools have significant effect on the manufacturing sector output in Nigeria in the short run only. The study thus concludes that monetary policy tools may not be a long run policy instrument for the growth of the manufacturing sector output in Nigeria but rather short run instruments. This study recommended that money supply and treasury bills can be used in the short run as policy instruments to maintain macroeconomic stability in Nigeria with reference to the manufacturing sector.

The effect of government expenditure on economic growth in Nigeria for a period of thirty-six (36) years that is, from 1981 to 2016 was the focus of this study. This study was inspired by two leading controversial issues in theoretical literature and empirical studies regarding the effect of government expenditure on economic growth for emerging economies. First, within the theoretical claim, Keynesian school of thoughts assert the presence of positive linkage between government expenditure and economic growth and development, while neoclassical economists refute this assertion and posited a negative association between government expenditure and economic growth and development. Identifying the side of these two arguments that is akin to all economies remains a puzzle among scholars as validation of either theory across the globe is still in vain. Secondly, the direction of relationship/causality between government expenditure and economic growth and development over the years is still not clear, especially for developing countries. Specifically, this study ascertained the effect of government recurrent and capital expenditure on the growth rate of real gross domestic product. We applied the Autoregressive Distributive Lag (ARDL) Co-integration and Granger causality test using secondary data from the Central Bank of Nigeria. We found that Nigeria’s economic growth is independent/not affected by government recurrent and capital expenditure. We are of the opinion that the Federal Government through its appointed ministers in collaboration with the legislature review the composition of Federal Government of Nigeria total expenditure by ensuring that capital expenditure takes at least 50% of annual total expenditure. Measures such as reducing foreign training and bogus allowances for political office holders should be tailored towards reducing government consumption expenditures.

This study investigated the effect of financial innovation on efficiency of financial intermediation of commercial banks in Nigerian between 2008 and 2018. The study used secondary data obtained from the Annual reports and Accounts of the Central Bank of Nigeria (CBN). The explanatory variables of the study are the product innovations in the banking sector namely: volume of automated teller machine transactions (ATM), volume of point-of-sale transactions (PoS), volume of Internet banking transactions (IBT) and volume of Mobile banking transactions (MBT). The dependent variable is the financial intermediation efficiency proxied by interest rate spread, which is measured by the difference between maximum lending rate and savings rate. A multiple regression model developed for the study was analysed with the help of Ordinary Least Square (OLS) regression technique. The result from the descriptive statistics indicated that financial intermediation in Nigeria is inefficient. The results showed that ATM, IBT and MBT have insignificant positive effects on financial intermediation while PoS has negative effects on financial intermediation efficiency. Further results indicated that the 57% change in financial intermediation efficiency explained by financial innovation is not statistically significant. The study therefore concluded that financial innovation in itself is not a determinant of the efficiency of the intermediation process in Nigeria. It is then recommended that the regulatory authority among others should make policies to increase the savings rate, so that the surplus unit will be encouraged to make their funds available to the banks for lending.

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Purpose ─ This paper investigates the effect of commercial bank regulations, namely the price, product, and geographic regulations, on the intermediation function of commercial banks in Nigeria.Methods ─ Using secondary data from 1986 to 2017 from the Central Bank of Nigeria (CBN) and the World Bank, this study employs the Autoregressive Distributive Lag (ARDL) model and Granger causality framework.Findings ─ This paper provides evidence of a long-run relationship between commercial bank regulation and intermediation function represented by private sector credit to RGDP (regional gross domestic product). It also finds that commercial banks' regulation index through price, product, and geographic regulation has a positive relationship with intermediation function. Furthermore, the long-run relationship between commercial bank regulation and intermediation function described by private sector credit to RGDP is affirmed.Implication ─ The Central Bank of Nigeria (CBN) needs to relax the product regulation to allow commercial banks to engage in various conventionally non-banking activities.Originality ─ The paper contributes to the literature by ascertaining the commercial banks' intermediation function to Nigeria's economic growth and development.