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IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA
Abstract: This study examined the impact of industrialization on the growth of the Nigerian economy. The specific objectives of the study were to determine the impact of manufacturing sector output on economic growth in Nigeria, to find out the impact of crude petroleum and natural gas output on Nigerian economic output, and to investigate the impact of solid mineral mining output on economic growth in Nigeria. The study adopted the ex-post facto research design based on its efficacy in facilitating the projection of future outcomes with past occurrences. The dependent variable was real gross domestic product (RGDP) while the independent variables were the manufacturing sector contribution to the gross domestic product (MSO), crude petroleum and natural gas output (CPNGO), solid mineral mining output (SMMO), and real exchange rate (REXR); data analysis was done using the vector error correction and system equation estimation technique. The study found that there is a positive and significant impact of the manufacturing sector output, crude petroleum and natural gas output, and solid mineral and mining output on the real gross domestic product; also a long-run relationship was found to exist among the variables used. The study therefore recommends that: there is need for Government to, as a matter of urgency develop stimulants for the manufacturing sector and manufacturers in form of tax incentives and credit facilities, this will strategically reposition the manufacturing sector in driving economic growth in Nigeria; Government should try a balance of attention in terms of policies and capital investments between the petroleum industry and the solid mineral mining industry in order to harness the rich abundance of wealth in the solid mineral industry.; and there is need for the immediate implementation of the petroleum industry bill which will unbundle the NNPC and create efficient commercial units to fully carry on crude petroleum and natural gas business.
Keywords: Industrialization, Manufacturing, Crude Petroleum, Economy, Growth