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The Impact
Of Industrial Output On Economic Growth Of Nigeria
ABSTRACT
This
research work is on the “Impact of Industrial output on Industrial growth of
Nigeria” between the period of thirty years [30] covered from 1980-2009. Impact of industrial output on economic
growth of Nigeria is a continuous discussion to every economy especially
developing economies which will give rise to economic growth and development of
a nation. Secondary data was used on E-view 6.0 version package to regress the
variables GDP = f [Industrial output, savings, net foreign capital flow and
inflation]. Our findings indicate that the influence of Industrial output on
economic growth is not statistically significant, though the sign obtained from
its apriori expectation is positively related to GDP but does not hold strong
enough. Savings has a positive relationship and also significant impact on
economic growth (GDP). Inflation has a negative relationship while net foreign
capital flow is positively significant on the impact of economic growth. Based
on the findings, it is therefore recommended that some policies is to be made
in ways to improve the establishment of industries especially the manufacturing
industries to encourage industrialization of the Nigerian economy so as to
contribute to the strengthening of economic growth in the nation’s economy. Tax
incentives through subsidies and government expenditure relates to increase in
output and positive impact on economic growth. Increase in savings will make
money available for the economy through low interest rate and income
adjustments from the monetary policy.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
The oil boom
of the 1970s led Nigeria to neglect its agricultural and light manufacturing
bases in favor of an unhealthy dependence on crude oil. In 2000, oil and gas
export accounted for more than 98% of export earning and about 83% of federal
government revenue. New oil wealth, the concurrent decline of other economic
sector and a lurch toward a static economic model fueled massive migration to
the cities and led to increasingly wide spread poverty especially in rural
areas. A collapse of basic infrastructures and social services since the early
1980s accompanied this trend. Source: (CIA world fact book; accurate as at
November 3. 2010).
By 2000,
Nigeria’s per capita income had plunged to about one quarter of its mid 1970s
high, below the level at independence. Along with the endemic malaise of
Nigeria’s non-oil sector, the economy continues to witness massive growth of
“informal sector” economic activities estimated by some to be a high as 75% of
the total economy. The U.S ( United States) remains Nigeria’s customer for
crude oil accounting for 40% of the country’s
total oil export, Nigeria provides about 10% of overall U.S oil import
and ranks as the fifth-largest source for U.S imported oil and ranked 44th
world wide and third in Africa in factor output. ( Adeolu B Anyawale)
Nigeria
economy is struggling to leverage the country’s vast wealth in fossil fuels in
other to displace the crushing poverty that affects about 57% of its
population. Economics refer to the consistence of vast wealth in natural
resources and extreme poverty in developing countries like Nigeria as a
“resource curse”. 80% of Nigeria’s revenue flow to the government, 16% covers
operational cast and the remaining 4% goes to investors. World bank has
estimated that as a result of corruption, 80% of energy revenues, benefit only
1% of the population ( Econspapers, hosted by Swedish business school Orebro
University).
Generally,
the manufacturing sector which plays a catalytic role in a modern economy has
many dynamic benefits crucial for economic transformation is a leading sector
in many aspects. ( Ogwuma, 1995) says it creates investment capital at a faster
rate than any other sector of the economy. Available evidence showed that the
share of manufacturing value in the Gross Domestic Product (GDP) was 3.2% in
1960. In 1977, its share of GDP increased to 5.4% and in 1982 grew to 13%. The
share of the manufacturing in GDP fell to 6.2 in 1993, while overall
manufacturing capacity utilization rate fluctuated downwards to 2.4% in 1998.
In 2003, the
manufacturing accounted for 4% of the Gross Domestic Product (GDP) (Ojo,
(1987:256). A country is industrialized when at least one-quarter of this Gross
Domestic Product (GDP) is produced in its industrial output arises in the
manufacturing section of industrial sectors; and when atleast one length of its
total population is employed in the industrial sectors of the economy. The
manufacturing sector is to be dominant in terms of contribution to the Gross
Domestic Product of any economy especially that of Nigeria.
1.2 STATEMENT OF THE RESEARCH PROBLEM
The lack of
an industrial sector in a country is widely seen as a major handicap improving
a country’s economy and power pushing many governments to encourage or enforce
industrialization. (Wikipedia, free encyclopedia). One of the problems
bedeviling the Nigeria economy is that of output from its industrial sector of
the economy. Admittedly, the decay in the manufacturing sector is the result of
diverse factors that conspire to render many industries comatose (ill). The
study is therefore necessary to enable a thorough investigation of the problems
of the industrial sector especially that of manufacturing industries and
various government agencies set up to provide credit facilities to the
industrial sector to ensure continual growth of this sector for rapid economic
development of this nation. In the light
of this exposition, the research work was guided by the following question.
1. What is the impact of industrial output on
economic growth of Nigeria.
1.3 OBJECTIVES OF THE STUDY
The broad objective of this study is to
examine the impact of industrial on economic
growth of Nigeria between the period of (1980 - 2009).
The specific
objectives includes,
1. To determine the impact of industrial
output on economic growth in Nigeria.
1.4 STATEMENT OF RESEARCH HYPOTHESIS
The
hypothesis of this study is stated as follows;
Ho: Industrial output has no significant impact on the economic growth (GDP).
1.5 SIGNIFICANCE OF THE STUDY
The
significance of this study lies in the fact that the work will expose the
extent of which industrial output has contributed to economic growth in Nigeria
thereby highlighting some obstacles hindering increase in industrial output.
This work will be relevant to the government policies and entrepreneurs
directing them on industrial development plan. It adds to the already existing
literatur7e on industrial output in Nigeria.
Further
more, the work will assist potential industrialist, economist, investors and
other related users of this veritable material in this field of study. It is
interesting to know that industrial output is the shortest route to economic
development.
1.6 SCOPE OF THE STUDY
The
researcher tends to find out the impact of industrial output on economic
growth. The study covers a general contribution of manufacturing industries in
Nigeria toward the attainment of economic growth from (1980 - 2009)
1.7 METHODOLOGY AND SOURCES OF DATA
The
researcher made use of secondary data obtained from the publication of the
Central Bank of Nigeria, Central Bank of Nigeria statistical bulletin and the
annual report of accounts as well as resource materials from the library and
the internet.
The
analytical tools employed on this research include t-test and regression
analysis.
1.8 LIMITATION OF THE STUDY
A study of
this nature cannot be researched without encountering constraints, some of
which includes;
1. Finance: Financial constraint or
inadequacy was the major limitation for this research to gather materials,
logistics, etc.
2. Data :There was a problem of acquiring all
necessary data though the researcher had to rely on the ones available
3. Time : Time they say is money; while
embarking on this research work, the researcher was jointly attached to other
commitments as lectures, assignment, clearance in preparation for exams, etc.
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