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Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria

Authors: ONAKOYA Adegbemi , Ismail Fasanya, Muhibat T. Babalola

Publication Type: Journal article

Journal: Mediterranean Journal Of Social Sciences

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Abstract

This study examines the impact of trade openness on manufacturing sector performance in the Nigerian economy, using a time series data from 1975 to 2010. The effects of stochastic shocks of each of the endogenous variables are explored using Error Correction Model (ECM). The analysis shows that trade openness is positively related to the performance of the manufacturing sector while exchange rate, inflation rate have a negative impact on the sector performance. The error correction coefficient also indicates rate of adjustment for disequilibrium of the variables shows that growth in the manufacturing sector adjust slowly in the economy. The effective promotion and development of the Manufacturing sector have in Nigeria, not been seriously [AO1] approached hence, the paucity of study on their impact on the economy. This could, be attributed to a plethora of factors, including a weak technological base and low level of capacity utilization. Also another major finding from this study is that there are significant pay-offs from the policy of trade liberalization. This study therefore recommends that government should avoid short-term fixes and front-loaded deals with other countries and move beyond arrangements that focus solely on the petroleum sector. Also to promote the imports of capital goods, there is need for transparent oversight by a largely monitored by regulatory institutions.

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ONAKOYA,A. Ismail,O.F Muhibat,T.B . (0000). Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria, 3 (), 637-637.

ONAKOYA,A. Ismail,O.F Muhibat,T.B . "Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria" 3, no (), (0000): 637-637.

ONAKOYA,A. and Ismail,O.F and Muhibat,T.B and . (0000). Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria, 3 (), pp637-637.

ONAKOYAA, IsmailOF, MuhibatTB, . Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria. 0000, 3 ():637-637.

ONAKOYA,Adegbemi , Ismail,O. Fasanya, and Muhibat,T. Babalola . "Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria", 3 . (0000) : 637-637.

O.Adegbemi I.O. Fasanya & M.T. Babalola , "Trade Openness and Manufacturing Sector Growth: An Empirical Analysis for Nigeria" vol.3, no., pp. 637-637, 0000.

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