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This study is on the impact of manufacturing sector on the Nigeria economic development. The total population for the study is 200 students of Nigeria bureau of statistics. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made HRMS, economists, data analysts and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1 Background of the study
The development of the Nigerian Manufacturing sector has not been fully addressed and the impact has not been fully felt. Manufacturing sector in Nigeria has been experiencing a stunted growth and its, contribution to gross domestic product has remained low. For instance, the manufacturing sector as a whole remains small, according for only 6.6 percent of GDP in 2000 and 12 percent of employment (World Bank, 2002). The production indices (using 1990 as a base year (100) also indicated that while agriculture and services experienced modest growth from 103.5 and 101.5 to 133.6 and 297.0 between 1991 and 1999 respectively, manufacturing sector recorded a decline from 109.4 to 92.3 in the same period. It is also sad to mention that capacity utilization in the manufacturing sector declined from about 70.1% in 1980 to just 44.3 percent in 2002 (CBN 2002). Moreso, the study attempts to establish an empirical relationship between manufacturing sector and other macroeconomic variables. The manufacturing sector is an integral part of the industrial sector in any economy. The major policies and measures applied to promote the development and the strategies and the policy reforms needed to accelerate the pace of industrialization. Before independence in 1960, the Nigeria economy was mainly agrarian, both in production for domestic consumption and exports industrialization was not part of the colonial economic policy, which was anchored on making the colonial producers of primary raw materials foreign industries and importers of manufactured goods. Therefore, the task of the first indigenous administration set for itself on attaining political independence was the transformation of the country into a modern industrial economy.
1.2 STATEMENT OF THE PROBLEM
The early period of post-independence up till mid-1970s saw a rapid growth of industrial capacity and output, as the contribution of the manufacturing sector to GDP rose from 4.8% to 8.2%. This pattern changed when oil suddenly became of strategic importance to the world economy through its supply price nexus.
What is the impact of manufacturing industry on the Nigerian economic development?
What is the impact of monetary policies on the manufacturing industry in Nigeria?
What is the impact of trade policy on the development of manufacturing industries in Nigeria?
1.3 OBJECTIVE OF THE STUDY
The aim of this study is to examine the impact of manufacturing sector on the Nigerian economic development. While objectives are:
i) To show the impact of manufacturing industry on the economic development of Nigerian.
ii) To determine the impact of monetary policies on the manufacturing industry in Nigeria?
iii) To determine the impact of trade policy on the manufacturing industries in Nigeria.
1.4 RESEARCH HYPOTHESES
In the course of this study, three main hypotheses are formulated.
Ho: that there is no relationship between manufacturing industry and the Nigerian economic development.
Ha: that there is relationship between manufacturing industry and the Nigerian economic development.
Ho: That monetary policy does not have impact of on the manufacturing industry in Nigeria
Ha: That monetary policy has impact of on the manufacturing industry in Nigeria
1.5 SIGNIFICANCE OF THE STUDY
It is expected that the findings from this study will expose the impact of the manufacturing sector on the Nigerian economy and how they tend to promote economic growth.
It will also show the trend of the manufacturing sector over the years.
It will also show how export supply capacity has improved and dependence on imports by Nigerians has reduced. It will also serve as a guide to the nation economists and policy makers on how to direct and control the economy in a positive direction.
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of the study covers the impact of manufacturing sector on the Nigeria economic development. The researcher encounters some constrain which limited the scope of the study;
a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
1.7 DEFINITION OF TERMS
MANUFACTURING SECTOR: Modern manufacturing includes all intermediate processes required in the production and integration of a product's components. Some industries, such as semiconductor and steel manufacturers use the term fabrication instead. The manufacturing sectoris closely connected with engineering and industrial design.
ECONOMIC DEVELOPMENT: Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries.
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
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