IMPACT OF INDUSTRIALIZATION ON ECONOMIC GROWTH IN NIGERIA (1983-2019)

Abstract

The study has examined the relationship between industrialization and economic growth in Nigeria using time series data between 1983 and 2019. Secondary data were sourced from World development index. The relationship between industrialization and economic growth was tested by using the Ordinary Least Square (OLS)method, augmented dickey fuller (ADF) unit root test and Breusch-Godfrey Serial Correlation LM Test was used to test for auto correlation in the model through E- views Version 10. The result of the shows that there exists positive relationship between manufacturing output which was a proxy for industrialization and economic growth in the long run. It was further recommended that government should imbibe fiscal discipline measures, adopt a lean management approach to its labour force and effectively manage both human and natural resources of the country so that government can have enough resources to give rise to the dream of Nigeria becoming an industrialized economy.