Economic Growth, Money Supply, Government Spending, Government Revenue and Inflation in Nigeria: An Empirical Perspective
Year: 2024
Type: article
Abstract: This study examines the relationship between real GDP (RGDP) and key economic variables—money supply, inflation, government spending, government revenue, and exchange rates—in Nigeria from 2004 to 2019. Using a multiple regression model, the findings reveal a strong fit, with an R Square value of 0.723, indicating that 72.3% of the variability in RGDP is explained by the model. The results show that government spending and revenue have a significant positive impact on economic growth, while inflation and money supply are associated with negative effects. The exchange rate also positively influences RGDP, though to a lesser extent. These findings highlight the importance of prudent fiscal and monetary policies in fostering sustained economic growth in Nigeria.
Source: Archives of Business Research
Authors: Alan Harper, Raufu Sokunle, Israel Rachevski
Institutions: Gwynedd Mercy University, Western Galilee College
Language: English
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4404435902