Elizabeth Obiaje - Profile on Academia.edu (original) (raw)
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Papers by Elizabeth Obiaje
322333, 2025
This paper examined the monetary policy impact on unemployment reduction in Nigeria. The data the... more This paper examined the monetary policy impact on unemployment reduction in Nigeria. The data there were used in the study were annual data which span from 2000 to 2023. Monetray policy in this study was proxied using monetary policy rate, Money supply and inflation rate, unemployment rate, on the other hand is the dependent variable. Given the nature of the study, this paper adopted the ex-post Facto study design. Data on monetary policy rate, inflation, money supply, and unemployment were obtained from the CBN data bulletin. The hypotheses of this study were tested using the ARDL statistics. Findings unveiled that inflation and money supply has a significant relationship with unemployment while monetary policy rate has a negative but significant relationship with the dependent variable. The researcher recommended that the monetary authorities should ensure that the money supply should be increased significantly so that there will be money in the economy this will lead to increase in employment, poverty reduction, improve standard of living amongst others.
OBIAJE2552025, 2025
Nigeria has a very high population, and this high population is accompanied by increase in demand... more Nigeria has a very high population, and this high population is accompanied by increase in demand for cement but despite the comparative advantage we have in the production of cement we still have traces of cement importation in Nigeria. Thus, this paper investigated the impact of monetary policy on cement industry output in Nigeria, focusing on the relationship between key monetary variables (exchange rate, money supply and inflation) and manufacturing output of the cement industry using annual data spanning the period 1986 to 2023. Employing Autoregressive Distributed Lag model (ARDL), the analysis reveals that exchange rate has a positive and insignificant influence on cement industry. While money supply has a negative and insignificant impact on cement industry. However, inflation rate, exhibits a positive relationship with cement industry, suggesting that attention should be given to inflation rate during project budget development. The findings suggest that policy makers should not ignore inflation in many project especially that of the cement sector. Stability in the exchange rate, sufficient money supply is recommended to support robust cement industry output in Nigeria.
3806-3822, 2025
This paper investigates the impact of monetary policy on food, beverages and tobacco output in Ni... more This paper investigates the impact of monetary policy on food, beverages and tobacco output in Nigeria, focusing on the relationship between key monetary variables (monetary policy rate, exchange rate, money supply, inflation and manufacturing sector credit) and manufacturing output of the food, beverages and tobacco. Employing a long-run Autoregressive distributed lag model, the analysis reveals that the exchange rate insignificantly influences food, beverages and tobacco, with an appreciation leading to a substantial increase in food, beverages and tobacco output volumes. The paper revealed that money supply positively impacts food, beverages and tobacco, underscoring the importance of adequate liquidity in facilitating manufacturing activities. Conversely, the inflation rate, despite its association with higher borrowing costs, exhibits a positive relationship with food, beverages and tobacco, suggesting that an active economy may enhance manufacturing performance. On the other hand, the monetary policy rate is shown to have a negative impact on food, beverages and tobacco, indicating that tighter monetary policy can dampen manufacturing by increasing the cost of borrowing and restricting liquidity. The findings suggest that policymakers need to strike a balance between controlling inflation and fostering a manufacturing-friendly environment. Stability in the exchange rate, sufficient money supply, and accessible credit markets are recommended to support robust food, beverages and tobacco output in Nigeria.
FEL-03030033, 2024
This paper investigates the impact of monetary policy on the performance of deposit money banks i... more This paper investigates the impact of monetary policy on the performance of deposit money banks in Nigeria, using monthly data series spanning the period 2008 to 2023. Total private sector credit of deposit money banks was used to proxy the performance of deposit money banks while money supply, monetary policy rate, cash reserve ratio, and maximum interest rate were used as proxies for monetary policy. The Ex-post Facto research design was adopted in this study. Data on total private sector credit of deposit money banks, money supply, monetary policy rate, cash reserve ratio, and maximum interest rate were obtained from the Central Bank of Nigeria (CBN) Statistical bulletin. The hypotheses of this paper were tested using the Autoregressive Distributed Lag statistics. The findings disclosed that total private sector credit of deposit money banks has a significant relationship with money supply and maximum interest rate while cash reserve ratio and monetary policy rate has an insignificant relationship with total private sector credit of deposit money banks. The researchers recommended among other things that the monetary authorities should consider policies that enhance liquidity within the banking system. This can be achieved through open market operations, reducing the reserve requirements, or other mechanisms that increase the availability of funds in the economy as the money supply was found to be statistically significant. Also, it is crucial for monetary authorities to monitor and adjust the maximum interest rates to ensure they remain conducive to deposit growth. High lending rates may discourage borrowing and subsequently reduce deposits, while more favorable rates could encourage economic activity and deposit inflows.
Obiaje23242023Ajeba110333, 2023
The study examined the impact of monetary policy on economic growth in Nigeria, using annual data... more The study examined the impact of monetary policy on economic growth in Nigeria, using annual data spanning the period 1985 to 2022. One of the major objectives of monetary policy in Nigeria is economic growth but despite the various monetary efforts that have been adopted by the Central Bank of Nigeria over the years, inflation remains a major threat to Nigeria's economic growth. Despite the increased focus on monetary policy adoption in Nigeria, the country's economic growth remains an issue. High unemployment, low investment, high inflation, and an unstable foreign exchange rate are examples of such issues. These alleged issues are said to have contributed to Nigeria's rapid drop in economic growth. The objective of this paper is to examine the relationship between economic growth, exchange rate, inflation rate, interest rate, and money supply in Nigeria. In this regard, the study employed the Autoregressive-Distributed Lag (ARDL) approach and established a long-run relationship between economic growth and interest rate, inflation, exchange rate, and money supply. Specifically, the findings suggested that in the long run only interest rate has significant effects on economic growth while exchange rate, money supply, and interest rate have a positive relationship with the dependent variable, it was only the inflation rate that has a negative relationship with economic growth in Nigeria. Given the important role of interest rates in
322333, 2025
This paper examined the monetary policy impact on unemployment reduction in Nigeria. The data the... more This paper examined the monetary policy impact on unemployment reduction in Nigeria. The data there were used in the study were annual data which span from 2000 to 2023. Monetray policy in this study was proxied using monetary policy rate, Money supply and inflation rate, unemployment rate, on the other hand is the dependent variable. Given the nature of the study, this paper adopted the ex-post Facto study design. Data on monetary policy rate, inflation, money supply, and unemployment were obtained from the CBN data bulletin. The hypotheses of this study were tested using the ARDL statistics. Findings unveiled that inflation and money supply has a significant relationship with unemployment while monetary policy rate has a negative but significant relationship with the dependent variable. The researcher recommended that the monetary authorities should ensure that the money supply should be increased significantly so that there will be money in the economy this will lead to increase in employment, poverty reduction, improve standard of living amongst others.
OBIAJE2552025, 2025
Nigeria has a very high population, and this high population is accompanied by increase in demand... more Nigeria has a very high population, and this high population is accompanied by increase in demand for cement but despite the comparative advantage we have in the production of cement we still have traces of cement importation in Nigeria. Thus, this paper investigated the impact of monetary policy on cement industry output in Nigeria, focusing on the relationship between key monetary variables (exchange rate, money supply and inflation) and manufacturing output of the cement industry using annual data spanning the period 1986 to 2023. Employing Autoregressive Distributed Lag model (ARDL), the analysis reveals that exchange rate has a positive and insignificant influence on cement industry. While money supply has a negative and insignificant impact on cement industry. However, inflation rate, exhibits a positive relationship with cement industry, suggesting that attention should be given to inflation rate during project budget development. The findings suggest that policy makers should not ignore inflation in many project especially that of the cement sector. Stability in the exchange rate, sufficient money supply is recommended to support robust cement industry output in Nigeria.
3806-3822, 2025
This paper investigates the impact of monetary policy on food, beverages and tobacco output in Ni... more This paper investigates the impact of monetary policy on food, beverages and tobacco output in Nigeria, focusing on the relationship between key monetary variables (monetary policy rate, exchange rate, money supply, inflation and manufacturing sector credit) and manufacturing output of the food, beverages and tobacco. Employing a long-run Autoregressive distributed lag model, the analysis reveals that the exchange rate insignificantly influences food, beverages and tobacco, with an appreciation leading to a substantial increase in food, beverages and tobacco output volumes. The paper revealed that money supply positively impacts food, beverages and tobacco, underscoring the importance of adequate liquidity in facilitating manufacturing activities. Conversely, the inflation rate, despite its association with higher borrowing costs, exhibits a positive relationship with food, beverages and tobacco, suggesting that an active economy may enhance manufacturing performance. On the other hand, the monetary policy rate is shown to have a negative impact on food, beverages and tobacco, indicating that tighter monetary policy can dampen manufacturing by increasing the cost of borrowing and restricting liquidity. The findings suggest that policymakers need to strike a balance between controlling inflation and fostering a manufacturing-friendly environment. Stability in the exchange rate, sufficient money supply, and accessible credit markets are recommended to support robust food, beverages and tobacco output in Nigeria.
FEL-03030033, 2024
This paper investigates the impact of monetary policy on the performance of deposit money banks i... more This paper investigates the impact of monetary policy on the performance of deposit money banks in Nigeria, using monthly data series spanning the period 2008 to 2023. Total private sector credit of deposit money banks was used to proxy the performance of deposit money banks while money supply, monetary policy rate, cash reserve ratio, and maximum interest rate were used as proxies for monetary policy. The Ex-post Facto research design was adopted in this study. Data on total private sector credit of deposit money banks, money supply, monetary policy rate, cash reserve ratio, and maximum interest rate were obtained from the Central Bank of Nigeria (CBN) Statistical bulletin. The hypotheses of this paper were tested using the Autoregressive Distributed Lag statistics. The findings disclosed that total private sector credit of deposit money banks has a significant relationship with money supply and maximum interest rate while cash reserve ratio and monetary policy rate has an insignificant relationship with total private sector credit of deposit money banks. The researchers recommended among other things that the monetary authorities should consider policies that enhance liquidity within the banking system. This can be achieved through open market operations, reducing the reserve requirements, or other mechanisms that increase the availability of funds in the economy as the money supply was found to be statistically significant. Also, it is crucial for monetary authorities to monitor and adjust the maximum interest rates to ensure they remain conducive to deposit growth. High lending rates may discourage borrowing and subsequently reduce deposits, while more favorable rates could encourage economic activity and deposit inflows.
Obiaje23242023Ajeba110333, 2023
The study examined the impact of monetary policy on economic growth in Nigeria, using annual data... more The study examined the impact of monetary policy on economic growth in Nigeria, using annual data spanning the period 1985 to 2022. One of the major objectives of monetary policy in Nigeria is economic growth but despite the various monetary efforts that have been adopted by the Central Bank of Nigeria over the years, inflation remains a major threat to Nigeria's economic growth. Despite the increased focus on monetary policy adoption in Nigeria, the country's economic growth remains an issue. High unemployment, low investment, high inflation, and an unstable foreign exchange rate are examples of such issues. These alleged issues are said to have contributed to Nigeria's rapid drop in economic growth. The objective of this paper is to examine the relationship between economic growth, exchange rate, inflation rate, interest rate, and money supply in Nigeria. In this regard, the study employed the Autoregressive-Distributed Lag (ARDL) approach and established a long-run relationship between economic growth and interest rate, inflation, exchange rate, and money supply. Specifically, the findings suggested that in the long run only interest rate has significant effects on economic growth while exchange rate, money supply, and interest rate have a positive relationship with the dependent variable, it was only the inflation rate that has a negative relationship with economic growth in Nigeria. Given the important role of interest rates in