Output fluctuations and Macroeconomic Policy in Nigeria: Trends Analysis and Policy Implication for Attainment of Needs and MDGs in Nigeria
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Date
2010
Authors
Saibu, O.M.
Journal Title
Journal ISSN
Volume Title
Publisher
OIDA International Journal of Sustainable Development
Abstract
This paper examines the trends and patterns of fluctuations in real output growth in Nigeria. The paper used simple statistical tools to analyse the links among the macroeconomic variables. The analysis shows that real output experienced its full business cycle and the growth rate of the 1970s remained unsurpassed despite the array of policy reforms and palliative introduced after the recession in the 1980s. However; there is strong evidence that the power of both monetary and fiscal policy to track output growth and fluctuation is reduced at a higher degree of economic openness. The paper concludes that the cause of real output fluctuation may be externally induced and macroeconomic policy plays little role in real output fluctuation in Nigeria. Thus to achieve the national economic empowerment and development strategy (NEEDS) and MDGs, it is imperative for the Nigerian government to redirect attention from public-oriented to the private sector-driven approach of economic management.
Description
Scholarly articles
Keywords
Macroeconomic policy , Output flunctuations , Trade opennness , Statistical tools , Research Subject Categories::SOCIAL SCIENCES
Citation
Saibu M.O (2010) Output fluctuations and Macroeconomic Policy in Nigeria: Trends Analysis and Policy Implication for Attainment of Needs and MDGs in Nigeria OIDA International Journal of Sustainable Development Vol2(2)Pp11-26,Canada