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Macroeconomic Dynamics and the Manufacturing Output in Nigeria

Authors: ONAKOYA Adegbemi

Publication Type: Journal article

Journal: Mediterranean Journal Of Social Sciences

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Abstract

This paper examined the impact of the changes in the macroeconomic factors on the output of the
manufacturing sector in Nigeria from 1981 to 2015. Preliminary evaluation of the data was conducted
using both descriptive statistics and stationarity evaluation. The test indicated that not all the variables
are normal. The occurrence of order integration at first level difference necessitated the deployment of
the Johansen cointegration test. The findings revealed no short run association among manufacturing
output and each of GDP, exchange rate, broad money supply and unemployment rate. Negative
relationship existed amongst inflation rate, interest rate, exchange rate, broad money supply on one
hand, and manufacturing output. The inflation rate and interest rate, were statistically insignificant.
However, significant and positive relationship existed between GDP of the previous year and
unemployment on the one hand and manufacturing output on the other, at 5 percent level. The results
showed that manufacturing was a veritable engine of economic growth. The post estimation tests
showed presence of serial correlation but evidence of heteroscedasticity existed which, made the model
inefficient, but its estimator is still unbiased. The study recommended the harmonization of both fiscal
and monetary policies for the attainment of macroeconomic stability and avoidance of rapid policy
summersaults.

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ONAKOYA,A. . (0000). Macroeconomic Dynamics and the Manufacturing Output in Nigeria, 9 (), 43-43.

ONAKOYA,A. . "Macroeconomic Dynamics and the Manufacturing Output in Nigeria" 9, no (), (0000): 43-43.

ONAKOYA,A. and . (0000). Macroeconomic Dynamics and the Manufacturing Output in Nigeria, 9 (), pp43-43.

ONAKOYAA, . Macroeconomic Dynamics and the Manufacturing Output in Nigeria. 0000, 9 ():43-43.

ONAKOYA,Adegbemi , . "Macroeconomic Dynamics and the Manufacturing Output in Nigeria", 9 . (0000) : 43-43.

O.Adegbemi , "Macroeconomic Dynamics and the Manufacturing Output in Nigeria" vol.9, no., pp. 43-43, 0000.

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