Econometric Study of Relationship between Interest Rate and Economic Growth in Nigeria
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Econometric Study of Relationship between Interest Rate and Economic Growth in Nigeria

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– Econometric Study of Relationship between Interest Rate and Economic Growth in Nigeria –

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Abstract

This research work aimed at determining the econometric study of relationship between interest rate and economic growth in Nigeria; the objective of the study was to empirically investigate extent at which interest rate has impacted on economic growth in Nigeria.

To determine if there is any observed long-run relationship between interest rate and economic growth in Nigeria using modern econometric techniques; the data used source from secondary sources.

It was hypothesized that there is no significant impact of interest rate on economic growth in Nigeria; the research used time series data, sourced mainly from Central Bank of Nigeria (CBN) bulletin.

Three models were estimated to capture the relationship between interest rate and economic growth (Model 1) Real Gross Domestic Product (RGDP) as the dependent variable (Model 2) Interest Rate (INT) (Model 3) Commercial Bank Credit to Private Sector (CPS) for both independent variables.

Introduction

1.1 Background of the Study

The interest rate policy in Nigeria as it affects private sector investment is perhaps one of the most controversial of all financial policies. The reason for this may not be farfetched because interest rate policy has direct bearing on many other economic variables such as investment decision.

Interest rates play a crucial role in the efficient allocation of resources aimed at facilitating growth and development of an economy and as a demand management technique for achieving both internal and external balance.

For many years now, Nigeria’s Central Bank of Nigeria Monetary Policy Rate (MPR), otherwise known as the benchmark interest rate has been at double digit. In 2012 it was largely at 12%.

By the time deposit money banks charge their own lending rates to prospective customers wanting to loan money, it’s usually between 15 – 20% and more.

This has made no effort of government stimulating the real sector of the economy. Even the aviation, textile and entertainment intervention funds set aside by government to revitalize these ailing sectors have been difficult to access by the target beneficiaries.

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