INDUSTRIALIZATION AND ECONOMIC GROWTH IN NIGERIA
Keywords:
Economic Growth Rate, Exchange Rate, Industrialization, InflationAbstract
The work examined the impact of Industrialization and Economic Growth in Nigeria. The objectives of the study are to examine the examine impact of industrialization on economic growth in Nigeria, to ascertain if there is long run relationship between industrialization and economic growth in Nigeria and to determine the causality relationship between industrialization and economic growth in Nigeria. The variables used for the research used for the research are Real Gross Domestic Product Growth Rate (GDPGR), Industrial Sector Output (ISO), Inflation (INFL), Exchange Rate (EXCH) and Interest rate (INT). The researcher employed OLS regression techniques. The result shows that ARDL Cointegrating and Long Run Form shows that industrialization has a major impact on Nigeria's economic growth. Bound test guidelines, the F-statistic, at 8.338998, is larger at the 5% level of significance than the lower limit (2.86) and upper bound (4.01). There is a causal relationship between Nigeria's industrialization and economic growth according to the Granger Causality test. The Research support the government to Support industries that have export potential to increase foreign exchange earnings. Provide incentives for industries to meet international quality standards, making Nigerian products more competitive in the global market. Advance a culture of innovation and entrepreneurship through supportive policies and incentives. Invest in R&D to adopt and develop new technologies that can improve industry productivity and efficiency.