IIARD International Institute of Academic Research and Development

Journal of Business and African Economy (JBAE )

E-ISSN 2545-5281
P-ISSN 2695-2238
VOL. 11 NO. 3 2025
DOI: 10.56201/jbae.vol.11.no3.2025.pg54.67

---

The Impact of Monetary Policy Indicators on Industrial Output Performance in West African Countries

OLALERE Sunday Shina, (Ph.D) OLUWADAMILARE Ololade Abigail E-mail: OKEBIORUN Oluwatomisin Abimbola E-mail: : Monetary Policy Indicator, Industrial Output, Panel ARDL and West Africa .

---

Abstract

The study examined the impact of monetary policy indicators on industrial output performance in West African Countries. The study used secondary data sourced spanned between 1980 and 2022. Panel Auto-Regressive Distribution Lag (ARDL) was employed as an estimation technique. The results shown that the real interest rates, monetary policy rates, and global oil prices all have a significant impact on how well the production sector performs in the West African nations. Based on the findings of this study, the following recommendations were made, the monetary authorities in West African nations should lower the money supply and the monetary policy rate in order to increase the production of goods and services also, the money supply and monetary policy rate should be crafted to increase consumer and business demand for services in order to support the industrial sector.

keywords:

Monetary Policy Indicator, Industrial Output, Panel ARDL and West Africa

---

References:

Asiagwu, H; Utalor, C & Anaele, S. C (2021): Monetary Policy and Industrial Growth in Nigeria.
JETMASE. Vol 3(1) 154-166. www.jetmase.com

Aysan, A. F., & Hacihasanoglu, Y. S. (2007). Investigation on the determinants of Turkish
export-boom in 2000s

CBN (2019): Central Bank of Nigeria Annual Report

Chuku, C., Simpasa, A., & Oduor, J. (2018). Macroeconomic consequences of commodity price
fluctuations in African economies. African Development Review, 30(4), 329-345.

Dogruel, A. S., (2010). Changes in exchange rates and the performance of the
manufacturing sectors in Turkey. Topics in Middle Eastern and North African
Economies, 12

Ehinomen, C., & Oladipo, T. I. (2012). Exchange rate management and the manufacturing sector
performance in the Nigerian economy. IOSR Journal of Humanities and Social
Science, 5(5), 1-12.

Falade, O. E., & Folorunso, B. A. (2015).
Fiscal and monetary policy instruments and
economic growth sustainability in Nigeria. American Journal of Economics, 5: 1-8.

Gonenc and Yilmaz (2008) The politics of neoliberal transformation on the periphery: a critical
comparison of Greece and Turkey. Southeast European and Black Sea Studies, 20(4), 617-
Hussin, Ching (2013).
IMF (2016).
African Economic Outlook. Sustainable Cities and Structural Transformation 15th
Edition

Kim, S., & Lim, K. (2018). Effects of monetary policy shocks on exchange rate in small open
Economies. Journal of Macroeconomics, 56, 324-339.

Obioma, B. K. & Anyanwu, U. N. (2015).
‘The effect of Industrial Development on Economic
Growth: An Empirical Evidence in Nigeria’ European Journal of Business and Social
Sciences, 4(2),

Onyeiwu, C. (2012). Monetary policy and economic growth of Nigeria. Journal of Economics



Journal of Business and African Economy E-ISSN 2545-5281 P-ISSN 2695-2238
Vol 11. No. 3 2025 www.iiardjournals.org online version





IIARD – International Institute of Academic Research and Development

Page 67
and Sustainable development, 3(7), 62-70.

Owoeye, T., Olalere, S. S. & Akojede, O. A. (2023): “The Shock Transmission Mechanism
Between Monetary Policy Variables and Industrial Output in West African Countries”.
International Journal of Economics and Financial Management (IJEFM) (International
Institute of Academic Research and Development (IIARD)). India. E-ISSN 2545-5966 P-
ISSN 2695-1932, www.iiardjournals.org. Volume 8, No 7 (October 2023). Pp 53 – 67.

Simbo, A. B., Iwuji, I. I., & Bagshaw, K. (2012).
The
performance
of
the
Nigerian
manufacturing sector: a 52-year analysis of growth and retrogression. Asian Economic and
Social Society 2: 1-17.

Udude, C, E., & Mbam, A. (2018). An Analysis of the Effect of Manufacturing Sector on the
Growth of the Nigerian Economy.

DOWNLOAD PDF

---

Back