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AN ASSESSMENT OF THE DETERMINANTS OF INDUSTRIAL SECTOR GROWTH IN NIGERIA
ABSTRACT:- The study assessed the determinants of industrial sector growth in Nigeria. The fall in the contributions of the industrial sector to the growth of Nigerians GDP over the years prompted this research work. The need to unravel the problem of the Nigerian industrial sector necessitated studying of the determinants of industrial growth. From the literature the following variables were identified as major determinants of industrial growth in Nigeria; capital ( proxy by gross capital formation) labour (proxy by total labour force in the industrial sector) exchange rate, education (proxy by school enrollment, inflation rate, capacity utilization, trade openness and electricity generation. Cointegration and error correction model was adopted and the result shows that all the identified determinants have more of permanent effect on industrial output than transitory effect. Both labour and capital have significant impact, exchange rate shows a positive and significant impact indicating that currency appreciation might be inimical to the growth of the industrial sector.
KEYWORDS:- Industrial output, determinants, transitory and permanent effects