WORLD JOURNAL OF FINANCE AND INVESTMENT RESEARCH (WJFIR )
E-ISSN 2550-7125
P-ISSN 2682-5902
VOL. 7 NO. 3 2023
DOI: https://doi.org/10.56201/wjfir.v7.no3.2023.pg1.15
Analyzing the Drivers of manufacturing sector growth in Sub-
Saharan Africa: Evidence from Nigeria
Charles Ibebi PhD, Benson Emmanuel PhD
Abstract
This study examines the determinants of manufacturing sector performance in the Nigerian
economy from 1990 to 2021. This was aimed at ascertaining how per capita income (PKY),
inflation (INF) and gross fixed capital formation (GFKF) has stimulate the manufacturing sector
performance in Nigeria. Historical data was collated and estimated employing the Ordinary Least
Squares (OLS) technique. The empirical results indicate that both inflation and per capita income
exert significant positive impacts on the manufacturing sector performance in Nigeria, gross fixed
capita formation did not even though it was positive. On the basis of the findings of this study, the
following recommendations are made: The monetary authorities have to regularly review their
monetary policy direction to bring inflation lower than it is; Policies that promote more
employment and economic stimulus should be pursued to enhance the performance of the
manufacturing sector performance; Government should create the appropriate macroeconomic
policies by increasing capital investment to make the private sector accumulate more productive
capital.
References:
Adebiyi M.A.(2004) “Trade Liberalization policy and industrial Growth”.Nigerian Economic
Society Publication.
Adofu, I., Taiga, U. U. & Tijani, Y. (2015). Manufacturing Sector and Economic Growth in
Nigeria. Donnish Journal of Economics and International Finance, 1(1), 001-006. Accessed
from http://www.donnishjournals.org/djeif
Akinlo. (2013) “Industralisation and Nigeria’s Economic Development” Nigerian Economic
Society Publication.
Akpan H.E.(2001) “Industralisation and Nigeria’s Economic Development” Nigerian Economic
Society Publication.
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