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The Influence of Macroeconomic Variables on Manufacturing Sectors: A Case of Nigeria

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  • Akinuli, Bankole O.

    (Department of Banking and Finance, Rufus Giwa Polytechnic, Owo, Ondo State, Nigeria)

  • Akintan Akinyemi A.

    (Department of Business Administration, Rufus Giwa Polytechnic, Owo, Ondo State, Nigeria)

  • Adedayo Olawale C.

    (Department of Banking and Finance, Rufus Giwa Polytechnic, Owo, Ondo State, Nigeria)

  • Adedotun Adewale K.

    (Department of Marketing, Rufus Giwa Polytechnic, Owo, Ondo State, Nigeria)

Abstract

This study has examined the influence of macroeconomic variables on manufacturing sectors with a particular reference to Nigerian economy. The objective of the study is to investigate the effects of macroeconomic variables on manufacturing sectors (proxy businesses, productivity sectors and industries) in Nigeria. Econometrics tools were employed to analyse the variables sourced from the Central Bank of Nigeria Statistical bulletin within the period of 1985 up to 2022. Among the pre-test conducted on the variables are unit root test, descriptive statistics and co-integration bound test. Meanwhile, post-diagnosis test conducted include: stability test, heteroskedacity test, and serial correlation test. The findings show that macroeconomic variables have mixed influences on the manufacturing sector in Nigeria. It is, therefore, recommended that the government should effectively stabilise and manage interest rate, exchange rate and inflation rate with a view of creating enabling environment for manufacturing firms and potential investors in Nigeria. The government should intensify the efforts of garnering more foreign earnings by harnessing international trades.

Suggested Citation

  • Akinuli, Bankole O. & Akintan Akinyemi A. & Adedayo Olawale C. & Adedotun Adewale K., 2024. "The Influence of Macroeconomic Variables on Manufacturing Sectors: A Case of Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(3), pages 22-42, March.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:3:p:22-42
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