Abstract
The manufacturing and service sectors are the most dominant sectors that propelled the rapid growth and development of many industrialized nations. They are regarded as the engine of growth. However, their performances have remained largely slow in Nigeria. Therefore, the research investigated the influence of the manufacturing and service sectors on Nigeria's economic growth and development in the period under review. The methodology employed to test the levels of stationarity of the variables is the Augmented Dickey-Fuller, while the dependent variable proxied by GDP and that of the independent variables are manufacturing sector, value added, service sector, value added, government expenditure and consumer price index. The obtained results indicated all variables are of order one. Also, the study found the existence of a long run relationship existing among the variables of manufacturing and service sectors which are positive and significant meaning that as the manufacturing and service sectors grow, the economy also grows rapidly. The recommendations of the study among other things are that the central authorities should, therefore, endeavor to massively invest and boost the infrastructural needs of the manufacturing and service sectors of the economy to further enhance the economic growth potentials of the economy.
Original language | English |
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Pages (from-to) | 1851-1859 |
Number of pages | 9 |
Journal | Proceedings of the International Conference on Industrial Engineering and Operations Management |
Volume | 2018 |
Issue number | NOV |
Publication status | Published - 2018 |
Event | Proceedings of the International Conference on Industrial Engineering and Operations Management Pretoria, IEOM 2018 - Duration: 29 Oct 2018 → 1 Nov 2018 |
Keywords
- Economic growth
- JEL Classification
- L67
- L80
- Manufacturing
- Q48
- Relationship
- Service sectors
ASJC Scopus subject areas
- Strategy and Management
- Management Science and Operations Research
- Control and Systems Engineering
- Industrial and Manufacturing Engineering