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DOES MANUFACTURING REALLY MATTER FOR ECONOMIC GROWTH IN THE NIGERIAN CASE? A CONFIRMATORY TEST OF KALDORIAN FIRST GROWTH LAW

Authors: ONAKOYA Adegbemi

Publication Type: Journal article

Journal: Babcock Journal Of Economics, Banking And Finance

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Abstract

The study attempts to answer the question whether the growth of the manufacturing sector is important in promoting economic growth in the Nigerian. It conducted a confirmatory test of the Kaldorian first growth law. Ordinary Least Squares technique was deployed after testing for the stability of the variables, using Augmented DickeyFuller (ADF) and / or Phillip-Perron test (PP) unit root tests. In order to, further solve the possible problem of spuriousness and consequent possible biased results, the growth of GDP was regressed on the excess of the growth of manufacturing output over the growth of non-manufacturing output. The analysis of the manufacturing growth to GDP Growth between 1970 and 2013 shows that both variables are trended in the same direction. Also, the manufacturing is positively related to GDP at 1 percent significance level. Indeed. with a coefficient value of (1.7), a percentage increase in the growth of manufacturing output would induce about 1.7 percent increase in the GDP. Also, in order to prove the pre-eminence of manufacturing as the key to economic growth, comparative estimation results of the growth of the other sectors (agriculture, service and oil) was conducted. The results show that manufacturing as the veritable engine of economic growth. The uniqueness of this study is, further highlighted by its inclusion of the Oil and Gas sector as given the importance of the sector to the country's economy. The study recommends that the government continues to stabilize the macroeconomic environment so as to achieve industrial growth for sustainable development.

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ONAKOYA,A. . (0000). DOES MANUFACTURING REALLY MATTER FOR ECONOMIC GROWTH IN THE NIGERIAN CASE? A CONFIRMATORY TEST OF KALDORIAN FIRST GROWTH LAW, 4 (), 253-253.

ONAKOYA,A. . "DOES MANUFACTURING REALLY MATTER FOR ECONOMIC GROWTH IN THE NIGERIAN CASE? A CONFIRMATORY TEST OF KALDORIAN FIRST GROWTH LAW" 4, no (), (0000): 253-253.

ONAKOYA,A. and . (0000). DOES MANUFACTURING REALLY MATTER FOR ECONOMIC GROWTH IN THE NIGERIAN CASE? A CONFIRMATORY TEST OF KALDORIAN FIRST GROWTH LAW, 4 (), pp253-253.

ONAKOYAA, . DOES MANUFACTURING REALLY MATTER FOR ECONOMIC GROWTH IN THE NIGERIAN CASE? A CONFIRMATORY TEST OF KALDORIAN FIRST GROWTH LAW. 0000, 4 ():253-253.

ONAKOYA,Adegbemi , . "DOES MANUFACTURING REALLY MATTER FOR ECONOMIC GROWTH IN THE NIGERIAN CASE? A CONFIRMATORY TEST OF KALDORIAN FIRST GROWTH LAW", 4 . (0000) : 253-253.

O.Adegbemi , "DOES MANUFACTURING REALLY MATTER FOR ECONOMIC GROWTH IN THE NIGERIAN CASE? A CONFIRMATORY TEST OF KALDORIAN FIRST GROWTH LAW" vol.4, no., pp. 253-253, 0000.

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