Useni Yerima, Vincent Allahoki Nymphas, David Khaba Auta, Ande Amamki Emmanuel


This study examined the impact of monetary and fiscal policy on the non-oil export in Nigeria. The study specifically investigated the effects of money supply, interest rate, government expenditure and direct tax on non-oil export. Time series data were sourced from CBN, NBS and IMF spinning from 1990 – 2020 for the conduct of the study. Augmented Dickey-Fuller test (ADF), Phillips-Perron test (PP) and Auto Regressive Distributed Lag Model, were employed The results from the findings revealed that interest rate had negative significant influence on non-oil export in Nigeria; money supply has positive and significant linkage on non-oil exportation in Nigeria; government expenditure has significant positive effect on non-oil export. The study therefore recommends that: Government should encourage improved production of final agricultural goods and services as against production of raw materials for exportation which its final product may even be imported for usage within the economy for domestic usage thereby creating leakages in the economy. In addition, monetary authority should formulate policies that can spur export diversification through the expansion of long-term credits by banking institutions to private investors particularly in the non-oil sectors of the economy.


Monetary Policy, Fiscal Policy, Non-oil Export, Growth, ARDL.

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