Structure and impact of interest rate on Nigeria Economy (1970-2002)

The financial system of which interest rate is the most paramount factor has been increasingly recognized to play a very crucial role in the process of economic growth and development in any given economy. It is capable of upsetting any macroeconomic variables like inflation, Gross Domestic product, money supply, and investment etc. depending on how it is managed in the economy. We should therefore look inward and analyze what is best for our own economy so as to achieve the desired growth and development, as the two main financial regimes of financial repression of pre-SAP and the financial deregulation regime and their associating interest rates structure have not been able to solve Nigeria's mounting economic problems.