ECONOMIC GLOBALIZATION AND PERFORMANCE OF THE MANUFACTURING SECTOR IN NIGERIA
Abstract
This study determines the effect of economic globalization fundamentals on Nigeria’s manufacturing sector performance. Manufacturing sector’s healthiness is indicated as manufacturing sector gross domestic product, with economic globalization captured as trade openness, foreign direct investment, official development assistance and foreign exchange rate. The study is analyzed using time series data of 1985 to 2023, sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and World Development Indicator of World Bank. The Autoregressive Distributed Lag (ARDL) procedure for model estimation was utilized, and the outcomes showed that trade openness, foreign direct investment and official development assistance exerted favorable and substantial effects on manufacturing sector gross domestic product in Nigeria while foreign exchange rate exhibited negatively significant effect. Thus, necessitating the conclusion that economic globalization is key for enhancing manufacturing sector’s performance in Nigeria. Hence, suggesting among others that government and policy makers in the country should formulate and implement policies that strengthens favourable openness, ease the business environment for real foreign investments inflow with development assistance for creating domestic production drivers, as these actions will promote investments and prop up production in the manufacturing sector.
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Published in UNIPORT JOURNAL OF BUSINESS, ACCOUNTING & FINANCE MANAGEMENT
ISSN: 1596-9911
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