Labour Force, National Savings and the Manufacturing Sector Productivity in Nigeria

Adeyemi Olayiwola Babasanya (), Olukayode Emmanuel Maku () and Joseph Nwabueze Amaefule ()
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Adeyemi Olayiwola Babasanya: Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Nigeria
Olukayode Emmanuel Maku: Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Nigeria
Joseph Nwabueze Amaefule: Department of Education, Babcock University, Ilisan Remo, Ogun State, Nigeria

Business & Management Compass, 2020, issue 4, 459-473

Abstract: The study evaluated the role of sectoral labour force and the national savings on the manufacturing sector output in Nigeria from 1985 to 2019, a period of 35years. Data was sourced from Central Bank Of Nigeria (CBN) statistical bulletin various issues up until 2017, National Bureau of Statistics (NBS), and World Development Index (WDI). Data were analyzed using Vector Error Correction Model (VECM). The VECM result revealed that national savings and labour force have long run positive effect on the manufacturing sector output, while exchange rate and inflation have long-run negative effect on the manufacturing sector output. It could be deduced from this study that national savings, labour force in the industrial sector, inflation and exchange rate are very critical factors that determine the growth and survival of the manufacturing sector. Hence, it was recommended that the government look critically to the manufacturing sector and revamp the sector by making credit facility to the sector, and increase the use of domestic raw materials.

Keywords: Manufacturing output; National savings; inflation; labour force; VECM (search for similar items in EconPapers)
JEL-codes: C41 E13 O14 P24 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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