The Impact of Monetary Policy Indicators on Industrial Output Performance in West African Countries

OLALERE Sunday Shina; (Ph.D)    OLUWADAMILARE Ololade Abigail  E-mail:    OKEBIORUN Oluwatomisin Abimbola  E-mail:    : Monetary Policy Indicator; Industrial Output; Panel ARDL; West Africa      .

doi:10.56201/jbae.vol.11.no3.2025.pg54.67

The Impact of Monetary Policy Indicators on Industrial Output Performance in West African Countries

OLALERE Sunday Shina, (Ph.D) OLUWADAMILARE Ololade Abigail E-mail: OKEBIORUN Oluwatomisin Abimbola E-mail: : Monetary Policy Indicator, Industrial Output, Panel ARDL and West Africa .

Abstract

The study examined the impact of monetary policy indicators on industrial output performance in West African Countries. The study used secondary data sourced spanned between 1980 and 2022. Panel Auto-Regressive Distribution Lag (ARDL) was employed as an estimation technique. The results shown that the real interest rates, monetary policy rates, and global oil prices all have a significant impact on how well the production sector performs in the West African nations. Based on the findings of this study, the following recommendations were made, the monetary authorities in West African nations should lower the money supply and the monetary policy rate in order to increase the production of goods and services also, the money supply and monetary policy rate should be crafted to increase consumer and business demand for services in order to support the industrial sector.

Keywords

Monetary Policy IndicatorIndustrial OutputPanel ARDL and West Africa

References

Asiagwu, H; Utalor, C & Anaele, S. C (2021): Monetary Policy and Industrial Growth in Nigeria. JETMASE. Vol 3(1) 154-166. www.jetmase.com Aysan, A. F., & Hacihasanoglu, Y. S. (2007). Investigation on the determinants of Turkish export-boom in 2000s CBN (2019): Central Bank of Nigeria Annual Report Chuku, C., Simpasa, A., & Oduor, J. (2018). Macroeconomic consequences of commodity price fluctuations in African economies. African Development Review, 30(4), 329-345. Dogruel, A. S., (2010). Changes in exchange rates and the performance of the manufacturing sectors in Turkey. Topics in Middle Eastern and North African Economies, 12 Ehinomen, C., & Oladipo, T. I. (2012). Exchange rate management and the manufacturing sector performance in the Nigerian economy. IOSR Journal of Humanities and Social Science, 5(5), 1-12. Falade, O. E., & Folorunso, B. A. (2015). Fiscal and monetary policy instruments and economic growth sustainability in Nigeria. American Journal of Economics, 5: 1-8. Gonenc and Yilmaz (2008) The politics of neoliberal transformation on the periphery: a critical comparison of Greece and Turkey. Southeast European and Black Sea Studies, 20(4), 617- Hussin, Ching (2013). IMF (2016). African Economic Outlook. Sustainable Cities and Structural Transformation 15th Edition Kim, S., & Lim, K. (2018). Effects of monetary policy shocks on exchange rate in small open Economies. Journal of Macroeconomics, 56, 324-339. Obioma, B. K. & Anyanwu, U. N. (2015). ‘The effect of Industrial Development on Economic Growth: An Empirical Evidence in Nigeria’ European Journal of Business and Social Sciences, 4(2), Onyeiwu, C. (2012). Monetary policy and economic growth of Nigeria. Journal of Economics Journal of Business and African Economy E-ISSN 2545-5281 P-ISSN 2695-2238 Vol 11. No. 3 2025 www. and Sustainable development, 3(7), 62-70. Owoeye, T., Olalere, S. S. & Akojede, O. A. (2023): “The Shock Transmission Mechanism Between Monetary Policy Variables and Industrial Output in West African Countries”. International Journal of Economics and Financial Management (IJEFM) (International Institute of Academic Research and Development (IIARD)). India. E-ISSN 2545-5966 P- ISSN 2695-1932, www.iiardjournals.org. Volume 8, No 7 (October 2023). Pp 53 – 67. Simbo, A. B., Iwuji, I. I., & Bagshaw, K. (2012). The performance of the Nigerian manufacturing sector: a 52-year analysis of growth and retrogression. Asian Economic and Social Society 2: 1-17. Udude, C, E., & Mbam, A. (2018). An Analysis of the Effect of Manufacturing Sector on the Growth of the Nigerian Economy.

The Impact of Monetary Policy Indicators on Industrial Output Performance in West African Countries

Abstract

Keywords

References

More Articles from JOURNAL OF BUSINESS AND AFRICAN ECONOMY