IMPACT OF MANUFACTURING SECTOR ON THE NIGERIAN ECONOMIC DEVELOPMENT.
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IMPACT OF MANUFACTURING SECTOR ON THE NIGERIAN ECONOMIC DEVELOPMENT.
Chapter one
1.1 Introduction
The development of Nigeria’s manufacturing sector has not been adequately handled, and the consequences have not been fully realised. Nigeria’s manufacturing industry has grown slowly and contributes little to the country’s GDP.
For example, the manufacturing sector is modest, accounting for only 6.6 percent of GDP in 2000 and 12 percent of employment (World Bank, 2002).
The production indices (with 1990 as a base year (100) also indicated that while agriculture and services had modest expansion from 103.5 and 101.5 to 133.6 and 297.0 between 1991 and 1999, respectively, the manufacturing sector declined from 109.4 to 92.3 during the same period.
It is also worth noting that capacity utilisation in the manufacturing sector fell from approximately 70.1% in 1980 to barely 44.3 percent in 2002 (CBN 2002).
Furthermore, the study aims to demonstrate an empirical relationship between the manufacturing sector and other macroeconomic indicators. Any economy’s industrial sector includes the manufacturing sector.
The primary policies and actions implemented to encourage development, as well as the strategies and policy reforms required to accelerate the rate of industrialization.
Prior to its independence in 1960, Nigeria’s economy was primarily agrarian, producing goods for both domestic use and export. Industrialization was not a part of colonial economic policy
which was based on converting colonial producers of primary raw materials into foreign industries and imported manufactured goods.
As a result, the first indigenous administration’s goal after achieving political independence was to turn the country into a modern industrial economy.
1.2 Statement of the Research Problem
From the early post-independence period until the mid-1970s, industrial capacity and output expanded rapidly, with the manufacturing sector’s proportion to GDP rising from 4.8% to 8.2%. This pattern shifted when oil’s supply-price nexus became strategically important to the global economy.
What impact does the manufacturing industry have on Nigeria’s economic development?
What impact do monetary policies have on Nigeria’s industrial industry?
What impact does trade policy have on the development of Nigeria’s industrial industries?
1.3 Aim and Objectives of the Study
The purpose of this study is to investigate the impact of the manufacturing sector on Nigerian economic development. While the objectives are:
i) Show the impact of the manufacturing industry on Nigeria’s economic development.
ii) What impact do monetary policies have on Nigeria’s industrial industry?
iii) Determine the impact of trade policies on Nigeria’s industrial industries.
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