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Industrialization and Economc Growth in Nigeria (1984-2013)

By Dr. Adofu Ilemona  et al

Summary

There are empirical evidences to show that relationship exists between the level of industrialization (manufacturing) and economic growth in Nigeria. Studies have identified a significant relationship between industrial sector output and per-capita incomes. Therefore, this study tries to investigate the correlation between industrialization and economic growth in Nigeria. The study made use of time series data 1984-20013, obtained from various CBN statistical bulletins. An OLS equation was used to estimate results gotten from E-view (version 4) econometric software. We found out that there is a strong but negative and insignificant relationship between industrialization and economic growth in Nigeria for the period under study. Nigeria’s industrial sector has not contributed significantly to economic growth in the last thirty years. Results from our regression show that government expenditure (GEXP), interest rate (INTR) and inflation rate (INFR) carries a negative value, implying that in the last three decades, these variables has not provided the necessary stimuli for economic growth in Nigeria. The study therefore suggests that, for industrialization to contribute significantly to economic growth, government should enhance its fiscal and monetary policy instruments, to favor industrialization. Also, emphasis should be placed on deregulation at the sub-sector level, to form a strong bloc, so that efficient and effective linkages between industrial sector and economic growth in Nigeria can be established. The privatization of the energy sector is paramount for the reduction of production cost, and an efficient transport infrastructure should be put in place. Also, local sourcing of raw materials should be encouraged
Industrialization and Economc Growth in Nigeria (1984-2013)
 
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Published: February 2, 2018

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Abstract

There are empirical evidences to show that relationship exists between the level of industrialization (manufacturing) and economic growth in Nigeria. Studies have identified a significant relationship between industrial sector output and per-capita incomes. Therefore, this study tries to investigate the correlation between industrialization and economic growth in Nigeria. The study made use of time series data 1984-20013, obtained from various CBN statistical bulletins. An OLS equation was used to estimate results gotten from E-view (version 4) econometric software. We found out that there is a strong but negative and insignificant relationship between industrialization and economic growth in Nigeria for the period under study. Nigeria’s industrial sector has not contributed significantly to economic growth in the last thirty years. Results from our regression show that government expenditure (GEXP), interest rate (INTR) and inflation rate (INFR) carries a negative value, implying that in the last three decades, these variables has not provided the necessary stimuli for economic growth in Nigeria. The study therefore suggests that, for industrialization to contribute significantly to economic growth, government should enhance its fiscal and monetary policy instruments, to favor industrialization. Also, emphasis should be placed on deregulation at the sub-sector level, to form a strong bloc, so that efficient and effective linkages between industrial sector and economic growth in Nigeria can be established. The privatization of the energy sector is paramount for the reduction of production cost, and an efficient transport infrastructure should be put in place. Also, local sourcing of raw materials should be encouraged

About the Authors

Dr. Adofu Ilemona

Dr. Adofu Ilemona

Abdul, Ojonimi Michael

Abdul, Ojonimi Michael

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