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Recession and the Challenge of Sustainable Economic Growth in Nigeria: An Evaluation of Macroeconomic Policies

Tanzania Economic Review

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Title Recession and the Challenge of Sustainable Economic Growth in Nigeria: An Evaluation of Macroeconomic Policies
 
Creator Oseni, I. O.; Olabisi Onabanjo University
Okwu, A. T.; Babcock University
Babalola, D. A.; Babcock University
Adegboyega, S. B.; Olabisi Onabanjo University
 
Description The recent economic recession in Nigeria was manifested shortly after the successfuldemocratic-to-democratic transmission of political power in 2015, against thebackdrop of continental and global economy rankings of the country as the largest inAfrica, and 24th in the world as at 2014. Based on relevant variables of datasets from1981 to 2016, this paper employed error correction mechanism on log-linear regressionmodel to evaluate macroeconomic policies being implemented to stabilise and restorethe economy on the path of sustainable growth. The variables were surrogates of fiscal,monetary, exchange rate and supply-side policies. The results showed that therespective macroeconomic policies had mixed effects, but jointly had significantgrowth-retarding effect on the country’s economy. Therefore, the paper concludes thatmacroeconomic policies had heterogeneous effects, and emphasised the need forappropriate mix of macroeconomic policies to be implemented to sustain and move theeconomy out of the recession trap.Keywords: recession, macroeconomic policies, sustainable economic growth, loglinearregression, error correction modelJEL Codes: C22, C52, E52, E62 and F31
 
Publisher Dar es Salaam University Press
 
Contributor —
 
Date 2020-01-08
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://journals.udsm.ac.tz/index.php/ter/article/view/3070
 
Source Tanzania Economic Review; Vol 9, No 1 (2019): TER
2507-7740
0856-3373
 
Language eng
 
Relation https://journals.udsm.ac.tz/index.php/ter/article/view/3070/3023
 
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