Determinants of Structural Changes in Manufacturing Sector in Nigeria
Journal Title: Academic Journal of Economic Studies - Year 2019, Vol 5, Issue 1
Abstract
This paper examines the determinants of structural changes in manufacturing sector’s share in GDP between 1970 and 2016 through the ARDL approach. The result from the empirical model in this study suggests that oil price and financial availability are the key factors that influence dynamics of the manufacturing sector. Trade openness; per capita income and foreign direct investment have insignificant effect of the dynamics of the manufacturing sector’s share of GDP. Oil was seen as a drag on the manufacturing sector as the rate of decline in the sector is associated with increase in oil exploration in Nigeria. It is, therefore, recommended that government should adopt good macroeconomic management, especially in terms of adequate financial support and infrastructure to facilitate an expansion of manufacturing output. Linkage should be formed between oil and manufacturing industries. Oil related manufacturing company should be encouraged in order to take the advantage of oil resources in the country.
Authors and Affiliations
Onikosi-Alliyu Saidat O, Oyeniran Ishola Wasiu
Keywords
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