The Dynamic Post COVID-19 World and Inflation: is Nigeria’s Monetary Policy Effective?
Bibliographic record
Abstract
Nigeria had relative success in tackling the Covid-19 and its attendant economic consequences. A complementary mix of superior monetary and fiscal policy interventions saw support for the real sector, as well as growth and strengthening for the financial sector. The monetary authorities used several mediums to inject funds into the economy, while the financial sector was the channel through which huge sums were injected into the economy. These interventions however came with their fair share of woes, as they were carried out against the backdrop of rising inflation and unemployment levels. The unique nature of the Nigerian economy saw policy interventions targeted at stabilizing the economy, yield less than satisfactory outcomes. Currently, Nigeria faces the lagged impact of monetary and fiscal Covid-19 interventions in persistent high double digit inflation rates. The fall in global oil supply and world food prices necessitated by the Ukraine-Russian war have not helped the situation. These global events have had far reaching impacts on the Nigeria economy via the shortfall in supply of Premium Motor Spirit (PMS) products, food shortages, and resultant exchange rate pressures. The domestic economy has not been without its fair share of events that have resulted in a spike in inflation rates. The persistent security issues in the north and other parts of Nigeria, did not serve as an obstacle to people mobilization and the high spending during the 2023 elections. Declining government revenues, the rising public debt and its servicing, while inimical in their own stead, have catalyzed the pressure on the exchange rate. Against these backdrop, the monetary authority’s decision to institute a currency redesign and cashless policy has left people confused as to what actually is their short- and long-term goals/objectives, the effectiveness of policy to achieve said goals, as well as their readiness to tailor policy to changing global events/trends. The study will seek to examine monetary authority responses to curb inflation and achieve economic stability.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.005 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.002 |
| Scholarly communication | 0.006 | 0.003 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.002 | 0.002 |
| Insufficient payload (model declined to judge) | 0.003 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".