IMPACT OF ECONOMIC POLICIES ON BUSINESS IN THE PRIVATE SECTOR
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IMPACT OF ECONOMIC POLICIES ON BUSINESS IN THE PRIVATE SECTOR
ABSTRACT
This study looked at the impact of monetary and fiscal policies on Nigeria’s unemployment rate. Data for the years 1986-2018 were obtained from the Central Bank of Nigeria Statistical (2018) and the National Bureau of Statistics.
Non-experimental research design was chosen because the data for this study is secondary and historical. The influence of international commerce on economic growth was estimated using the Ordinary Least Squares approach.
The obtained data was analysed using the Augmented Dickey-Fuller unit root test, bound co-integration, autoregressive distributed lag, and pairwise Granger Causality procedures.
The Augmented Dickey-Fuller unit root test revealed that government total expenditure and trade openness were stationary at level, although manufacturing productivity, broad money supply, exchange rate, and inflation rate were also stable.
The study found that monetary and fiscal policies were crucial and relevant in enhancing business sector performance. Monetary and fiscal policies have the potential to influence long-term business sector success in Nigeria.
The study indicated that economic policies are effective in improving Nigeria’s business sector performance. The report also suggests that the current monetary policy should be maintained. The nation’s trade policy should be examined and improved. The exchange rate should be stabilised.
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