GROSS FIXED CAPITAL FORMATION AND INDUSTRIAL DEVELOPMENT IN NIGERIA

Authors

  • Boloumbele Yalah Department of Accounting, Faculty of Management Sciences, Niger Delta University, Wilberforce Island, Amassoma, Bayelsa State, Nigeria
  • Stanley Ogoun Department of Accounting, Faculty of Management Sciences, Niger Delta University, Wilberforce Island, Amassoma, Bayelsa State, Nigeria

Keywords:

Gross fixed capital formation, Industrial Development, Nigeria, Stock Market

Abstract

It is clear that industrialization is the backbone of the economic progress of any country, be it a capitalist, socialist, or mixed economy. Anchored on this premise, gross fixed capital formation and its bearing on industrial development was explored in this work. Relying on secondary data spanning twenty years (2001-2021) sourced from the Nigerian Exchange Group (NGX) statistical bulletin, the ex post facto research model was adopted. The aggregate data obtained was analyzed via the inferential statistical tool of regression. Following, it was observed that the current level of Nigeria’s gross fixed capital formation has not contributed to industrial growth. This finding aligns the poor performance of the real industrial sector over the years as reported by National Bureau of Statistics. Therefore, it is suggested that policymakers should craft and implement investor-friendly policies to boost capital inflows towards boosting the fixed capital stock that will stimulating industrial growth.

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Published

2024-03-20

Issue

Vol. 1 No. 4 (2023): December

Section

Articles

License

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