IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA
Imran Usman Sani, Osekweyi Odonye Joel, Ph.D and Uwaegbute Francis-Steer Ezeadi
Volume 4 Issue 1
Abstract
The study examined the Impact of Industrialization on Economic Growth in Nigeria for the period of 1981-2021. The study adopts ex-post factor design in order to answer the research questions. The study utilizes secondary sources of data extracted from the central bank of Nigeria statistic bulletin 2022. The study undertakes unit root test employing augmented Dickey-Fuller (ADF) method to determine whether the variables are stationary or not in order to avoid spurious results. To achieve this, the study employed the Auto regressive distributed lag (ARDL) method for estimation. The findings showed that information and communication industry (INC) has positive and significant impact on economic growth in Nigeria during the period under study, similarly the findings showed that manufacturing industry (MIN) has positive and insignificant impact in determining economic growth in Nigeria during the period under review and furthermore the findings showed that arts and entertainment industry (AET) has positive and significant impact on economic growth in Nigeria during the period of investigation. Therefore, the study found that industrialization generally has positive impact on economic growth in Nigeria over the period of the study. The study recommends that Efforts should be geared towards provision of more advance technology that will be used to enhance production capacities of industries in Nigeria that will create employment, revenue that will boost the economic growth. The study also suggests the need for prudent management of industries in Nigeria to ensure judicious use of the funds for economic growth in the country. Besides, there is need for government to put in place appropriate legal policies and framework that would prevent corrupt individuals from embezzling public expenditure on industries, which can negatively affect the growth of the Nigerian economy. Keywords: Budget Deficit, Multilateral, Bilateral, Borrowing, Development Assistance, Economic Growth
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