Monetary and Fiscal Policies and Economic Growth Study Group

Monetary and Fiscal Policies and Economic Growth Study Group

 1.0       Group Members

  • J.U.J Onwumere {Department of Banking and Finance, University of Nigeria, Enugu Campus (UNEC)}
  • Dr (Mrs) N.J Modebe (Department of Banking and Finance, UNEC)
  • (Mrs) Obiamaka Egbo (Department of Banking and Finance, UNEC)
  • Emma Onah (Department of Banking and Finance, UNEC)
  • (Mrs) Chinwe Regina Okoyeuzu (Department of Banking and Finance, UNEC)
  • (Mrs) Ifeoma Nwakoby (Department of Banking and Finance, UNEC)
  • Fr Dr Anthony Igwe (Department of Management, UNEC)
  • Longinus O. Odoh (Department of Accountancy, UNEC)
  • David Akwu (Department of Accountancy, UNEC)
  • Chibuike Onyeke (Department of Banking and Finance, UNEC)
  • Ms Angela Ukemenam (Department of Banking and Finance, UNEC)


2.0       Justification

Both monetary and fiscal polices are twin tools used by government to regulate the performance of an economy. While monetary policy refers to a combination of measures designed to regulate the value, supply and cost of money in an economy; fiscal policy is associated with the use of taxation, borrowing and public expenditure to influence the level of economic activities. It has been argued that the objectives of monetary policy include pursuit of price stability, maintenance of balance of payments equilibrium, promotion of employment and output growth, and sustainable development. These objectives are necessary for the attainment of internal and external balance, and the promotion of long-run economic growth of an economy. Fiscal policy is a deliberate action of government aimed at ultimately achieving similar objectives.


The success of monetary policy often depends on the operating economic environment, the institutional framework adopted, and the choice and mix of the instruments used. In Nigeria, the design and implementation of monetary policy is the responsibility of the Central Bank of Nigeria (CBN). The mandates of the CBN as stated in the CBN Act of 1958 as amended include; issuing of legal tender currency, maintaining external reserves to safeguard the international value of the national currency, promoting monetary stability and a sound financial system and acting as banker and financial adviser to the Federal Government.


Also, fiscal policy aims at stabilizing the economy. Increases in government spending or a reduction in taxes tend to pull the economy out of a recession; while reduced spending or increased taxes slows down a boom. Fiscal policy entails government’s management of the economy through the manipulation of its revenues and expenditures to achieve certain desired levels of macroeconomic performance. Furthermore, the implementation of fiscal policy is essentially routed through government’s budget while trying to promote economic conditions conducive to business growth and consistent with economic stability.


A cursory review of these two tools of government indicates that proper care is essential in the formulation of appropriate policies that will drive economic growth and development of emerging economies especially those of Saharan Africa in their quest for rapid and sustainable development.


3.0       Statement of Intent

A major strand in literature regarding the roles monetary and fiscal policies play in fostering economic growth and development is that government’s support for knowledge accumulation, research and development, productive investment, the maintenance of law and order and the provision of other public goods and services can stimulate growth and development in both the short-run and the long run. These, notwithstanding, the extent to which monetary and fiscal policies engender economic growth and development has continued to attract empirical debate especially in developing countries in sub Saharan Africa.


Extant Literature reveals that there are different opinions as to which coefficients best capture monetary and fiscal stance. Consequently, past empirical results differ greatly between various studies as emphasized in the sensitivity of the findings to changes in policiy stands of developing economies. A significant problem with most of the past emerging economies studies is the inability of the studies to apply pair-wise combinations of the monetary and fiscal policies in government policy framework. This implies testing the effects of monetary and fiscal policy on economic growth and development taking into accounts the structure of monetary and fiscal policies. In other words, most past developing countries’ studies focused on the effect of government deliberate monetary and fiscal policies on economic growth and development while ignoring, the fundamentals of both tools. This study will deal with the above problems to produce dramatically relevant results for the economic growth and development matrix of sub Saharan African countries.


4.0       Research Focus

The World Development Report (1999-2000) emphasizes the creation of sustainable improvement in the quality of life for all persons as the principal goal of development policy. According to the report, sustainable development has many objectives; beside increasing economic growth and development, meeting basic needs, and lifting the standard of living of citizens, it also include a number of specific goals such as bettering people’s health and educational opportunities, giving everyone the chance to participate in public life, helping to ensure a clean environment, promoting intergenerational equality and much more.


Thus, meeting the need of the people in the present generation is essential in order to sustain the needs of future generations and the ability of emerging economies to achieve these objectives hinges on their ability to formulate appropriate policies that will sustain growth and development. There is, therefore, no obvious question that sub-Saharan African countries are in dire need of such evidence-based policies, hence this study.


This study, in terms of geography, will be limited to countries of sub-Saharan Africa with focus on Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroun, Cape Verde, Central African Republic, Chad, Comoros, Congo Democratic Republic, Congo Republic, Cote d Ivoire, Equatorial Guinea, Eritrea, Ethiopia, Egypt, Gabon, Gambia, Ghana, Guinea Bissau, Libya, Liberia, Kenya, Lesotho,  Malawi, Mauritius, Mauritania, Morocco, Mali, Madagascar, Mozambique, Namibia, Nigeria, Niger, Rwanda, Seychelles, Senegal, Somalia, South Africa, Sierra Leone, Sudan, South Sudan, South Tome and Principe, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.



5.0       Profile of Research Group Members         


Prof. J.U.J Onwumere (Department of Banking and Finance, UNEC)

Professor Josaphat U. J Onwumere, PhD is an economist, banking/finance expert and strategist. He was Head, Department of Banking and Finance, University of Nigeria, Enugu Campus and currently Associate Dean of the Faculty of Business Administration.


A consummate intellectual and technocrat, he had been a practitioner in banking (occupied at various times, management positions in the Nigerian banking industry), management, research, strategy and consultancy (especially to local and international organizations).


He has lectured in many Nigerian universities mainly in the areas of Economics, and Banking and Finance. He is an inspirational speaker and a committed researcher/policy analyst. He has over ninety publications which include a single authored book, a co-authored book, two (2) co-edited texts, one (1) co-authored monograph, contributions to manuals and chapters in books, and several articles in local and international journals.


A versatile researcher, Professor Onwumere is interested in reading (generally), foot-balling and teaming with dedicated, hardworking, intelligent and creative people.

Dr (Mrs) N.J Modebe (Department of Banking and Finance, UNEC)

Dr (Mrs) N.J Modebe is a seasoned academic and a Senior Lecturer in the Department of Banking and Finance. She possesses a Bachelor of Science (B.Sc) in Finance and Banking, Masters in Business Administration (Finance and Banking) and a Ph.D in Banking and Finance from the University of Nigeria. She has taught several courses both at the polytechnic and University levels. Among such courses are Principles of Economics, Business Finance, Financial Management, Financial and Investment Analysis, Public Finance, Capital Markets and Portfolio Theory, Money and Banking, Monetary and Fiscal Policy, Merchant Banking, Money and Capital Markets and Managerial Finance. She has several awards and honours to her credit. Highlight of such honours was the Deans’ list at the University of Southern California, Los Angeles, USA. She is also a member of several associations such as the Nigerian Institute of Management (NIM). Her area of specialization is in Corporate Finance and Banking. In terms of administration, Dr (Mrs) N.J Modebe has participated in several committees within and outside the university community. The highlight of her administrative prowess was being made the Ag. Head of Department of Banking and Finance, University of Nigeria, Enugu Campus in 2006/2007 and 2009/2010 sessions. She has several journal articles to her credit published both locally and internationally. She enjoys reading, writing, travelling, watching athletic games, listening to music and swimming.



Dr. (Mrs) Obiamaka Priscilla Egbo FCAI, ICEN (Department of Banking and Finance, UNEC)     

Obiamaka Priscilla Egbo, Ph.D is a lecturer in the Banking and Finance Department, University of Nigeria, Enugu Campus. She is an Economist and Financial Analyst by profession. As a lecturer and researcher, she is neck deep in research, learning and documentation of issues related to economic growth in Nigeria. She is a competent, efficient and resourceful researcher with enviable research outputs. She is currently a member of the university and faculty consultancy committee. She has extensive consulting experience in information and communication technology, program and project management & evaluation, policy research in the areas of curriculum development, technology & innovation. She is currently a consultant with REMS/USAID Markets Project in Nigeria.  She has consulted for DFID, SAVI, Federal Ministry of Power, Enugu State Government, OrgLearning Consult, World Bank STEP B Project, Enugu State Ministry of Justice, Enugu State Ministry of Environment, FBN, WACOL among others. She is an ICT enthusiast and is also proficient in the use of information and communication technology (ICT) in business, teaching, research and learning. Her research interest is on Economics, Financial Management, Economic Growth and Development, International Trade and Finance, and Business Economics. She has to her credit several publications in peer‐reviewed journals and others presented at learned national and international conferences. She worked with Swiss Air and Sabena Airlines and had undergone several trainings in Administrative and Business Management at Swiss Air and Sabena Training Institute, Rue D’ Assaut, Brussels, Belgium and Switzerland. She has also worked in the Nigerian banking sector where she made a modest contribution with her years of experience in the sector. Obiamaka is also a child advocate and work as an Executive member with Kids Education Awareness Initiative, a non-governmental organization that cares for the vulnerable children and partners with some local and international agencies in this area. She is a fellow of the Institute of Corporate Administrators of Nigeria and Associate fellow, African Institute for Applied Economics (AIAE) and Institute of Chartered Economists of Nigeria.




Dr. (Mrs) Ifeoma Nwakoby (Department of Banking and Finance, UNEC)

Ifeoma holds a first degree in Accounting, a Masters degree in finance & business management, as well as a doctorate degree in banking and finance. She is also an Associate member of the Institute of Chartered Accountants of Nigeria (ICAN). She is a recipient of the CODESRIA (Council for the Development of Social Science Research in Africa) 2013 Small Grants for Thesis Writing. Ifeoma has worked as an Accountant and a Financial Analyst in the private and public sectors. She has also done Consulting work for different organisations, and presently lectures in the Department of Banking & Finance, University of Nigeria, Enugu Campus. Her research interests include deposit insurance, public finance, corporate governance, corporate finance, development finance as well as contemporary issues in accounting. Ifeoma enjoys reading novels, swimming, dancing and listening to music. She is happily married with three children.




Dr. Chinwe Regina Okoyeuzu (Department of Banking and Finance, UNEC)

A highly motivated lecturer and researcher. Her research interest is in the areas of financial institutions and market, international and business finance. She holds Bachelor of Arts [Hon] Archaeology, a Post Graduate Diploma in Banking and Finance, Master of Business Administration MBA, and PhD in Banking and Finance all from the University of Nigeria. She has published in both local and international journals. She has taken every opportunity to fully maximise the academic qualification of a PhD in banking and finance by working as a lecturer in the University and as a finance and management consultant. She has exceptional interpersonal, leading and research skills which have contributed in the building and maintenance of relationships at all levels. She enjoys the challenge of bringing about improvement in efficiencies in ailing businesses through inspiring teams to meet their goals and personal objectives.


Rev. Fr Dr Anthony Igwe (Department of Management, UNEC)

Igwe, Anthony Aniagbaoso is an amazing writer, brilliant management consultant and a self-defined “conflict manager”.  He is at the moment lecturing in the University of Nigeria, Nsukka and also a visiting lecturer to Enugu State University of Science and Technology as well as Madonna University, Okija. He has been responsible for lecturing and coordinating the academic activities of the management department and ensuring high quality of teaching and research.  He lectures at both the undergraduate and the postgraduate levels on the following courses: Conflict and Diversity management, Advanced Micro economic theories, Elements of Micro and Macro economics, Advanced conflict management, General introduction to management , Advanced industrial relations, Business policy, Elements of micro economics, Elements of macro economics, Igbo metaphysics and African philosophy.


His major research interest is on conflict and diversity management. This is motivated by the crises in Nigeria and in other parts of Africa. Besides, he is also interested in issues bothering on macro economics and hospital management. He did a lot of works on occupational health and safety in Nigerian hospitals. He had also investigated the epistemological foundation of African ancestorship. He is presently researching on the impact of capital and money markets financing on economic growth in Nigeria.


He has a serious desire for research activities in the university and beyond. This is evidenced by the number of books and journal articles which he has authored, some of which include the following : Applied Economics in Nigeria, An Introduction to Labour Economics; Environmental Responsibility of Corporate Bodies in Nigeria: Tropical Focus; Reducing Graduate Unemployment Through Entrepreneurship Development: The Nigerian Experience;  An Appraisal of the Effect of Medical Evaluation and Supervisory Interview on Selection Process of Nigeria Brewery Industries; Marketing Strategy and its Effects on the Organization  ,Intellectuals and New Strategies for Management in Third World Countries; An appraisal of open system business policy model in the management of Mission Hospital in Southeast  Nigeria, etc. He has also attended many international and local conferences.


Mr David Akwu (Department of Accounting, UNEC)

Mr. Akwu is an Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants of Nigeria (ICAN). He is a very hardworking and dedicated young researcher and lecturer at the University of Nigeria, Nsukka with interest in Finance, Accounting and Taxation.


Mr. Chibuike Onyeke (Department of Banking and Finance, UNEC)

Chibueze Onyeke holds Bachelor of Science (B.Sc) degree and  a Masters degree in Banking and Finance  from the University of Nigeria Nsukka. He worked with Zenith Bank Plc between 2008 and 2012. He is currently a Graduate Assistant in the Department of Banking and Finance in the Faculty of Business Administration of the University of Nigeria, Nsukka. His research interests are in the areas of Financial Intermediation, Capital Market Efficiency and Financial Institutions Regulations.

Ms Angela Ukemenam (Department of Banking and Finance, UNEC)

Ms Ukemenam Angela studied Banking and Finance at the University of Nigeria, Nsukka and graduated with First Class Honours. She is currently an academic staff of the Department of Banking and Finance, UNN. She is also currently undertaking a Ph.D programme in the same institution. Her research interests are in the areas of Agricultural Finance, Monetary and Fiscal Policies and Exchange Rate Volatility.


Mr. Longinus O. Odoh (Department of Accountancy, UNEC)

Odoh Longinus Chukwudi is a Lecturer with Department of Accountancy, University of Nigeria. He holds a Masters degree in Accountancy from the University of Nigeria and is currently undertaking a doctoral degree programme in Accountancy in the same University. He started his teaching career in the University in the year 2006. He teaches courses in core accounting areas as Principles of Accounting, Management Information System and Auditing at the Postgraduate level; and Cost Accounting, Management Information Systems, and Quantitative Techniques at the Undergraduate level.

Odoh Longinus Chukwudi ia a member of many professional bodies and has contributed articles and books chapters in reputable journals and books. He is the sole author of the book “Quantitative Techniques in Management Accounting for Business Decisions.’’

Odoh Longinus Chukwudi is a Christian and happily married with children.