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AN ASSESSMENT OF THE NIGERIAN MANUFACTURING SECTOR IN THE ERA OF GLOBALIZATION
ABSTRACT
The importance of manufacturing productive sector of any economy to its growth and survival cannot be overemphasized. In an attempt to advance on this, this study attempts the assessment of the contribution of manufacturing sector to economic growth in Nigeria in the era of globalization . Ordinary Least Square (OLS) econometric technique was used on time series data of relevant variables of manufacturing Output, Trade openness and Current Account Balance. The apriori expectation is that manufacturing output would increase as globalization strives. The study found that though Nigeria manufacturing sector benefited from globalization process, the level of the development in the sector was found to be highly negligible. Meaning that globalization exerts little impact on economic growth via manufacturing sector of the economy. The study recommended that efforts should be geared toward strengthening the macroeconomic, socio-infrastructural and institutional environment of the nation, thus bringing a good linkage between domestic and external institutions with the ultimate aim of properly harnessing funds so mobilized towards productive manufacturing sector of the economy.
Keywords: Manufacturing, Globalization, Ordinary Least Square (OLS), Trade Openness, Current Account Balance (CAB), Macroeconomics, Infrastructural.