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Does Manufacturing Sector Output Significantly Predict Economic Growth in Nigeria?

Author

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  • Aminu Umaru
  • Yakubu Egede
  • James Ayuba

Abstract

The predictive power of the manufacturing output on growth is a topical issue, especially with the outbreak of the COVID-19 pandemic and its effects on global manufacturing and economic activities. As such, this study examines how Nigeria’s manufacturing output can be observed in estimating economic growth. The ARDL model and OLS technique were employed in our assessments, and quarterly data was sourced from the CBN statistical bulletin for 2019 and the NBS annual report from 2010Q1 to 2020Q4. The study finds that manufacturing output positively and significantly affects growth in Nigeria and therefore can significantly predict further economic growth and, by extension, recession in Nigeria. It also recommends the need to improve the ease of doing business and security, adjusting interest rates for manufacturers, stabilize the exchange rate, develop infrastructure, and increase interventions in the manufacturing sector in Nigeria.

Suggested Citation

  • Aminu Umaru & Yakubu Egede & James Ayuba, 2022. "Does Manufacturing Sector Output Significantly Predict Economic Growth in Nigeria?," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 10(2), pages 136-145.
    • Handle: RePEc:asi:ajemod:v:10:y:2022:i:2:p:136-145:id:4521
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    Cited by:

    1. Xue, Pengcheng & Du, Jianhua & Liu, Jiaxin & Li, Zhipeng & Albahooth, Bayan & Yang, Yiting, 2023. "Natural resources and economic perspective: Manufacturing value added for Europe and Central Asian economies," Resources Policy, Elsevier, vol. 86(PA).
    2. Xu, Yanling & Xu, Tian & Huang, Xiying & Chu, Chien-Chi, 2024. "Natural resources a curse or blessing: The story of Latin American and Caribbean economies employing bootstrap quantile method," Resources Policy, Elsevier, vol. 90(C).
    3. Carmen Elena Stoenoiu & Lorentz Jäntschi, 2024. "Sustainable Development of the Economy—A Case Study of the Impacts of the Size of Enterprises and Factors Affecting Performance," Sustainability, MDPI, vol. 16(13), pages 1-38, June.

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