EFFECT OF ECONOMIC RECESSION ON MANUFACTURING SECTOR IN NIGERIA
Author(s):
Nkiru Patricia CHUDE, Daniel Izuchukwu CHUDE
Keywords:
economic recession, manufacturing sector, manufacturing output, inflation, and government expenditure
Abstract
This study empirically analyzes the effect of economic recession on manufacturing sector in Nigeria between the period of 1981-2021. Variables used in this study were manufacturing output, inflation, and government expenditure were sourced from Central Bank of Nigeria statistical bulletin. Econometric tests were conducted to ensure that the data used do not give a spurious result. The data were analyzed using the Ordinary least squared (OLS) method because of its Best Linear Unbiased Estimators (BLUE) properties. The study found that inflation had a negative and significant effect on manufacturing output, while government expenditure was found to be positive and statistically insignificant. Based on the findings of our regression result, the researcher recommends that Effort should be made to strengthen further our stock exchange so that investor’s confidence will be restored. Government should resuscitate the decayed infrastructures all over Nigeria especially power, rail road etc to reduce cost of doing business or manufacturing. Government should invest in agriculture because it promotes employment and reduces the cost of living and reduce the nation’s recession.
Article Details
Unique Paper ID: 158028

Publication Volume & Issue: Volume 9, Issue 8

Page(s): 725 - 735
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