The Sectoral Nexus in a Small Open Economy: Evidence from Nigeria
Aminu Umaru, Bula Yunah Bulus, Yusuf Danjuma Sarauta
Journal of Economics, Management and Trade · pp. 85–95 · Published 19 Aug 2022
10.9734/jemt/2022/v28i930442Abstract
The interrelationship between the real, monetary, fiscal, and external sectors of the Nigerian economy is an issue of concern, as it will provide policymakers with insight on which of the sectors is potent in influencing output in the real sector, which little or no attention was given. This study, therefore, examines the interrelationships between these sectors in Nigeria between 2010Q1 and 2021Q1. Structural Equation Model (SEM) was employed. The study finds that monetary and fiscal sectors have a positive influence on the real sector output, while the external sector has a negative influence on the real sector output in Nigeria. It was found that only the monetary sector influenced real sector output significantly. This study recommends effective collaboration between the monetary and fiscal authorities in stimulating aggregate demand, boosting economic activities, and spurring economic growth in Nigeria using money supply, and external and domestic debt.
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