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Monetary Policy Transmission and Sectoral Heterogeneity in Nigeria: Evidence from a Disaggregated ARDL Analysis
By: Eze Amarachi Truelove
Journal: African Journal of Economic Transformation and Development | Volume: 1 | Issue: 1 | Pages: 59–79
Published by: African Journal of Economic Transformation and Development, African Academic Imprint Press, 7/1/2026 2026
ISSN (Online): 3156-5352 | ISSN (Print): 3156-5123 | JEL Classification: E52, E58, O11, O55, Q14, L16
Abstract
This study investigates monetary policy transmission and heterogeneous effects across the agricultural, manufacturing, and services sectors of the Nigerian economy from 1985 to 2023. Using a disaggregated Autoregressive Distributed Lag (ARDL) framework, the study examines the short-run and long-run effects of broad money supply (M2), monetary policy rate (MPR), and liquidity ratio (LR) on sectoral output to enhance growth, credit allocation, and policy effectiveness.
Keywords: Monetary Policy Transmission, Sectoral Output, Agricultural Sector, Manufacturing Sector, Services Sector, Nigeria
JEL Classification: E52, E58, O11, O55, Q14, L16
How to Cite
Eze, A. T. (2026). Monetary Policy Transmission and Sectoral Heterogeneity in Nigeria: Evidence from a Disaggregated ARDL Analysis. African Journal of Economic Transformation and Development (AJETD), Vol. 1(1), 59–79.
Licensing Terms: All articles published in the African Journal of Economic Transformation and Development (AJETD) are licensed under a
Creative Commons Attribution 4.0 International License (CC BY 4.0)
.
Creative Commons Attribution 4.0 International License (CC BY 4.0)
.