AN EMPIRICAL EVALUATION OF POLICY-MIX ON ECONOMIC GROWTH IN NIGERIA
Abstract
This study evaluated the effects of policy mix on economic growth in Nigeria from 1992 to 2022.
The analysis focused on key policy variables such as Real Gross Domestic Product (RGDP),
Capital Expenditure (CE), Capital Formation (CF), Domestic Borrowing (DB), Foreign
Borrowing (FB), Inflation Rate (INF), Interest Rate (IR), Money Supply (M1 and M2), Non-tax
Revenue (NR), Recurrent Expenditure (RE), Tax Revenue (TR), and Exchange Rate (XR).
Using various econometric tools such as Descriptive Statistics, Unit Root Tests, Ordinary Least
Squares (OLS), Autoregressive Distributed Lag (ARDL) Model, Fully Modified Least Squares
(FMOLS), and Error Correction Model (ECM), the study revealed both short- and long-term
relationships between the policy mix and economic growth. Diagnostic tests ensured model
reliability, while the Granger Cointegration Test confirmed the existence of long-run
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