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Industrialization: Panacea for Economic Growth

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  • A.T. Odeleye
  • Ndubuisi Chidi Olunkwa

Abstract

This paper examines the relationship between industrialization and economic growth in Nigeria between 1981 and 2015, by employing cointegration approach known as Autoregressive Distributed Lag Model (ARDL). The empirical results of the study confirm our expectations and indicate that a long run relationship exists between industrialization and economic growth in Nigeria. Equivocally, going by experiences of other emerging economies, especially; the Asian Tigers, Nigeria will in no time get out of her doldrums; if she tolls rigorously the path of industrialization, as panacea to economic growth.

Suggested Citation

  • A.T. Odeleye & Ndubuisi Chidi Olunkwa, 2019. "Industrialization: Panacea for Economic Growth," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 5(2), pages 45-51, June.
    • Handle: RePEc:khe:scajes:v:5:y:2019:i:2:p:45-51
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    References listed on IDEAS

    as
    1. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
    2. Henry Okodua, 2009. "Foreign Direct Investment and Economic Growth: Co-Integration and Casualty Analysis of Nigeria," The African Finance Journal, Africagrowth Institute, vol. 11(1), pages 54-73.
    3. Berthold Herrendorf & Richard Rogerson & ?kos Valentinyi, 2013. "Two Perspectives on Preferences and Structural Transformation," American Economic Review, American Economic Association, vol. 103(7), pages 2752-2789, December.
    4. Harold L. Cole & Lee E. Ohanian, 2004. "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 779-816, August.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Industrialisation; panacea; economic growth; agrarian; poverty; unemployment;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F15 - International Economics - - Trade - - - Economic Integration

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