Impact of Banks’ Credits and Capital Market Dynamics on the Performance of the Manufacturing Sector in Nigeria: An ARDL Bounds Testing Approach

Abstract

In this study, we examined the impact which bank credits and some capital market variables had on the performance of the Nigerian manufacturing sector. Secondary time series data from 1986 to 2017 was used which was analysed using an ARDL bounds testing to cointegration. The results showed that while MCR negatively and significantly impacted on manufacturing output, TVTR and ASI positively and significantly increased the growth of the manufacturing output. BCRM, on the other hand, impact on manufacturing output was positive but insignificant. We made some recommendations.

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