IMPACT OF INDUSTRIAL OUTPUT ON THE ECONOMY OF NIGERIA (1987-2017).
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IMPACT OF INDUSTRIAL OUTPUT ON THE ECONOMY OF NIGERIA (1987-2017).
ABSTRACT
This study paper focuses on the “Impact of Industrial Output on the Economy of Nigeria” over a thirty-year period (30) from 1980 to 2010. The impact of industrial output on Nigeria’s economy is a topic of ongoing discussion in all economies, particularly developing economies, as it contributes to a country’s economic growth and development.
Secondary data was used on the PC Give 8.00 version software to regress the model, which had GDP as the dependent variable, industrial output savings, net foreign capital flow, and inflation as independent variables.
The model revealed that the influence of industrial output on economic growth is not statistically significant, despite the fact that the sign obtained from its à priori anticipation is positively connected to GDP but not sufficiently strong. Savings has a beneficial and considerable impact on the economy.
Inflation has a negative association, whereas net foreign capital flow has a favourable impact on economic growth. R-squared shows a 76% rise in GDP.
Based on the findings, it is recommended that some policies be implemented to improve the establishment of industries, particularly manufacturing industries, in order to encourage industrialisation of the Nigerian economy and thus contribute to the nation’s economic growth.
Tax incentives through subsidies and government spending lead to increased output and a beneficial impact on economic growth. Increased savings will make money available to the economy as a result of monetary policy’s high interest rates and income adjustments.
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