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MACROECONOMIC VARIABLES AND PERFORMANCE OF MANUFACTURING SECTOR IN NIGERIA (1981-2019)
Abstract
This study examined effect of macroeconomic variables on performance of manufacturing sector in Nigeria a thirty six year (39) period spanning from 1981-2019. Specifically, this study investigated how macroeconomic variables such as real interest rate, exchange rate and inflation rate relate with performance of manufacturing sector measured by output contribution ratio to real gross domestic product and average capacity utilization. In pursuance of the objectives of this study, four hypotheses were formulated and tested using secondary data obtained from the Central Bank of Nigeria and National Bureau of Statistics Statistical Bulletins. This study is based on time series data. The Augmented Dickey Fuller was used to test the time series data for stationarity. Simple linear regression was employed in the analysis of the data. The findings of this study revealed that macroeconomic variables significantly relate with performance at 5% significant level. On the basis of the findings, it was recommended among others that nominal interest rate should be lowered so as to increase the level of investment. An increase in investment will lead to an increase in overall performance of manufacturing firms in Nigeria and economic growth at large.
Key Word: Monetary policy, Macroeconomics, Under-utilization