Hope NOGHEGHASE

This study looks at how monetary policy affected Nigeria's economic growth between 1988 and 2024. The relationships between the monetary policy rate, inflation rate, interest rate, and Treasury bill rate and GDP is the main focus of the analysis. Different levels of significance and directionality among these variables are identified by the study using the ordinary least squares (OLS) econometric method. The findings reveal that the monetary policy rate has a positive and significant effect on economic growth, underscoring its role as a critical tool for economic stabilization. However, interest rate and Treasury bill rate exhibit negative and statistically insignificant relationships with GDP, indicating limited influence within the Nigerian context. Similarly, the inflation rate demonstrates a positive but statistically insignificant relationship with economic growth, suggesting a nuanced effect depending on macroeconomic conditions. The study comes to the conclusion that while monetary policy is still essential for managing the economy, better transmission mechanisms, structural changes, and complementary fiscal measures can increase its efficacy