THE ROLE OF MONETARY POLICY AND INDUSTRY GROWTH IN NIGERIA
Abstract
This study explores the role of monetary policy in fostering industry growth in Nigeria. Monetary policy, as implemented by the Central Bank of Nigeria (CBN), serves as a critical tool in regulating liquidity, stabilizing prices, and promoting economic growth. The paper examines how policy measures, such as interest rate adjustments, money supply control, and inflation targeting, impact industrial development. It highlights the challenges faced by Nigeria's industrial sector, including limited access to credit, exchange rate volatility, and an underdeveloped infrastructure base. Empirical findings suggest that effective monetary policy can significantly boost industrial productivity by providing stable macroeconomic conditions, encouraging private sector investment, and fostering technological innovation. However, the success of monetary policy depends on its alignment with fiscal policies, consistent implementation, and the resolution of structural barriers. The study concludes with policy recommendations aimed at enhancing monetary policy effectiveness to stimulate sustainable industrial growth in Nigeria.
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