Full Project – Assessment of the impact of industrialization on economic growth in Nigeria

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CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the study

Industrialization growth by all intents and purposes is an undisputed pre-requisite for economic growth and development. It transformation will take place and the trend of poverty is to be reduced. Rapid industrialization in Nigeria is an agenda to be pursued. Evidences abound a fairly strong relationship between economic growth, development and industrial process. High, rapid and sustained economic growth is strongly related to industrialization (Lall, 2005; Radrik, 2007; hasse, 2008; szirmai, 2009). Industrialization is the backbone of a country’s economic growth and development, it brings about an increased volume and varieties of manufactured resulting in increased in employment and improved standard of living of the citizens. Industrialization is also regarded as a veritable channel of attaining the goals and desirable national goals and quality of life for the citizens (Adeoye, 2005).

Industrialization is such a crucial and critical key to economic growth that it call for improvement in systems, technologies and process that will utilized natural resources more efficiently. Interestingly, about a fifth of global income is generated directly from the manufacturing industry and nearly high of household consumption relies on good from industrial process. The industrial revolution has indeed altered the way of people work, live and think (UNIDO, IDR; 2011). History recorded that the industrial sector performance in Nigeria’s economic growth is as old as the nation itself. It dates back to amalgamation of southern and northern parts of the country in 1914. To form the geographical land mass called Nigeria. In Nigeria as in many other developing countries, industries are attached to manufacturing as is considered the most dynamic component of industrial sector with a strong thriving manufacturing sector usually precipitates industrialization. The manufacturing sector is widely considered to be the ideal industry to drive Africa development. This is due to the labor intensive, export focused nature of the industry. There is a direct correlation between exportation levels and the economic success of a country. By increasing adding value to product before they are sold, revenue are boosted, thereby raising average earning per input (Bigsten, Gebreeyesus, and Soderbom 2008). Industries are very important and essential in a developing country like Nigeria because the marginal revenue products of labor in the industrial sector are higher than the marginal revenue product of labor in the agricultural sector. Based on this, the releasing of labor forces from agricultural sector to industrial sector increased the marginal product of labor in the agricultural sector and increases the overall revenue and output of the society and hence contributes to economic growth. Therefore, industrialization is an ideal policy option for sustainable economic growth in Nigeria and it is what the present regime needs to achieve its agenda Bolaky (2011).

1.2 Statement of the research problem

The tendency of the industrial sector to stimulate more economic growth has prompted many researchers to examine the impact of industrialization on economic growth in Nigeria Among them are Madara and Manir (2018) and Kenechukwu, Uchenna and Alexandan (2015) who examined the impact of industrialization on economic growth in Nigeria and the result proved that industrialization has a positive relationship with GDP in Nigeria While, Gylych, Iheoma and Abdurahman (2016), their result proved that industrialization has a negative impact on economic growth in Nigeria. Giving the above issues, this study sets out to examine the impact of industrialization on economic growth in Nigeria using proxy variables such as industrial output, export, import and foreign direct investment in the analysis.

1.3 Research Questions

This study is designed to answer the following questions:

Does industrial output stimulate economic growth in Nigeria?
Is there long run relationship between industrial output and economic growth in Nigeria?

To what extent has industrialization contributes to economic growth in Nigeria?

1.4 Objectives of the Study

The broad objective of the study is to examine the impact of industrialization on economic growth in Nigeria. The specific objective are:

To examine the impact of industrialization on economic growth in Nigeria
To assess the long run relationship between industrial output and economic growth in Nigeria

To highlight the contributions of industrialization to economic growth in Nigeria

1.5 Research Hypothesis

Ho: Industrial output does not have any impact on economic growth in Nigeria.
Ho :There is no long run relationship between industrial output and economic growth in Nigeria

Ho: Industrial output does not contribute to economic growth in Nigeria

Significance of the Study

This study is designed to fill the vacuum that exist in the study of the impact of industrialization on economic growth in Nigeria. In the above cited study, the study lays emphasis on the relationships between industrial output, export, import and foreign direct investment to the level of output in Nigeria. The study set out to investigate to which extend can industrialization contribute to economic growth will leads to eradication of poverty, unemployment, economic backwardness and also boost the overall economic. The research findings would be of importance to policy makers at national levels as they design policies aimed at enhancing economic growth, researchers, investors, government, academician and other scholars who wish to undertake further research on the impact of industrialization on economic growth will be guided by the findings of this study and added to existing literature.

1.7 Scope of the study

The scope of the study is to examine the impact of industrialization on the Nigeria economy. The study also assesses to what extend does industrialization contributes to economic growth in Nigeria. This study covers the period between 1985 and 2017.

1.8 Organization of Chapter

Typically, this research follows the standard research methodologies employed in any scientific research. The organization of the study will be as follows:

The study contains fives chapters, the first chapter contains background of the study, statement of the research problems, research question, objective of the study, research hypothesis, significance of the study, scope of the study and organization of chapters that will guide the study. Chapter two shall contain empirical analysis, conceptual literature review, conceptual frame work and theoretical frame work. Chapter three is contains the research methodology, the empirical presentation, interpretation and analysis of data would be made in chapter four. Chapter five would present the summary of the findings, conclusion and appropriate recommendations.

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Full Project – Assessment of the impact of industrialization on economic growth in Nigeria

Full Project – Assessment of the impact of industrialization on economic growth in Nigeria

Full Project – Assessment of the impact of industrialization on economic growth in Nigeria

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