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An Assessment Of The Impact Of Manufacturing Sector On Economic Growth In Nigeria (1981 – 2010)
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1.8 DEFINITION OF TERMS
(i)
Productivity: It has been defined by Economists as the ratio of output
to input in a given period of time. In other words, it is the amount of
output produced by each unit of input.
(ii)
Economic Development: This is the ability of a nation to expand its
output at a rate faster than the growth rate of its population. Economic
development viewed in this way has to do with growth of per capita GNP
which will also determine the standard of living of the people.
(iii)
Trade Liberalisation: This is the elimination of non-tariff barriers to
imports, the rationalisation and reduction of tariffs, the institution
of market determined exchange rates and the removal of fiscal
disincentives and regulatory deterrents to exports.
(iv) Industrial
policy: This is a systematic government involvement, through
specifically designed policies in industrial affairs, arising from the
inadequacy of macroeconomic policies in regulating the growth of
industry.
(v) Economic liberalization: This is a replacement of a
state-led economy to private sector dominated economy. It focuses on
privatization, deregulation of
foreign investments, trade
liberalisation, deregulation of credit policy and the introduction of
the Foreign Exchange Market (FEM).
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ABSRACT - [ Total Page(s): 1 ]This research work examines econometrically the impact of manufacturing sector on economic growth in Nigeria, from 1981 to 2010. It assesses the effect of manufacturing output (mangdp), investment (inv), government expenditure (govexp) and money supply (m2) on log of real gross domestic product (lrgdp). Appropriate multiple regression model is specified with parameters, which are estimated using the ordinary least square (OLS) technique. Test of hypothesis is carried out and the result shows a p ... Continue reading---
