Macroeconomic instruments and Nigerian economy: The Post global financial crisis and pandemic perspective

The pursuit of strategies to stabilize and grow her economy within and after pandemics has necessitated the use of macroeconomic instruments by the government in Nigeria. Thus, this study investigated the effect of macroeconomic instruments on Nigerian economy from 2008 to 2022. Exchange rate, inflation rate and interest rate were adopted as macroeconomic instruments while real gross domestic product was proxy for Nigerian economy. Ordinary Least Squares (OLS) regression technique was employed to analyze the data sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin (various years). Findings revealed that exchange rate and interest rate had positive and significant effect on Nigerian economy within the period under review. On the other hand, the study showed that inflation rate had negative and significant effect on Nigerian economy within the period of the study. This study recommended, amongst others, that government should keep the inflation rate at a threshold not exceeding 10 percent in order to enhance the recovery of Nigerian economy from pandemics.