September 2025
Sectoral output growth responses to macroeconomic policy shocks: Evidence from Nigeria
This paper examined the responses of Nigeria's manufacturing, agriculture and services sectors to macroeconomic shocks using a Structural Vector Autoregression (SVAR) model. Policy-induced shocks in government expenditure (GEX), government revenue (GTR), inflation, interest rates, real exchange rate (RER) and crude oil prices were analyzed using data from 1985 to 2022, a period of 38 years marked by significant...
