The Performance of the Nigerian Manufacturing Sector: A 52-Year Analysis of Growth and Retrogression (1960- 2012)
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Date
2012
Authors
Banjoko, S.A.
Iwuji, I. I.
Bagshaw, K.
Journal Title
Journal ISSN
Volume Title
Publisher
Asian Economic and Social Society
Abstract
This paper examines the performance of the Nigerian
manufacturing sector since independence in 1960 using such
performance indices as percentage contribution to the Gross
Domestic Product, index of manufactured products, percentage
growth rate, manufacturing value added, employment growth
rate, and percentage of capacity utilization within this period.
Secondary sources like the Central Bank of Nigeria Statistical
Bulletin, Annual Reports and Statements of Accounts as well
as the Statistical Facts sheets of the National Bureau of
Statistics and other publications were used in collecting the
data. The main finding is that despite many policies and
developmental initiatives undertaken by successive civilian and
military administrations since independence, the Nigerian
manufacturing sector has grossly underperformed in relation to
its potentials. Daunting challenges facing the sector include
unfavourable business environment, erratic power supply, poor
and decaying physical infrastructures, multiple taxations,
obsolete technology, high interest rates and inconsistency in
government policies. The paper concludes by making
recommendations for achieving a verile manufacturing sector.
Description
Staff publication
Keywords
Gross Domestic Product , National Bureau of Statistics , Employment growth rate , Nigerian manufacturing sector
Citation
Banjoko, S.A., Iwuji, I. I. and Bagshaw, K. (2012), The Performance of the Nigerian Manufacturing Sector: A 52-Year Analysis of Growth and Retrogression (1960-2012), Journal of Asian Business Strategy, Vol. 2 (8), pp. 177 -191.