Monetary Policy and Export Diversification in Nigeria

Abstract

Abstract This study examined the extent to which monetary policy has influenced export diversification in Nigeria for the period 1962 to 2014. The study employed descriptive and ordinary least squares techniques. The descriptive analysis revealed that the diversification exercise in Nigeria can only be expressed as average. The regression estimate showed that monetary policy was insignificant in influencing export diversification in Nigeria. The study concluded that monetary policy has not played a fundamental role in enhancing export diversification in Nigeria. The study recommended that monetary policy should be purpose driven towards the achievement of export diversification. This can be achieved by employing selective-sectoral monetary policy measures in accelerating investment in various non-oil sectors of the economy such as the mining, manufacturing and tourism sectors.