Contributions of the Productive Sectors’ to the Nigeria Economic Performance

Micheal Ojo OKE, Odunayo Femi OGUNSANWO

Abstract


The study empirically examined the contributions of the productive sectors’ to the Nigeria economic performance from 1981 to 2016. The study gathered time-series data majorly from the Central Bank of Nigeria Statistical Bulletin. The model in the study specified total gross domestic product of Nigeria as a function of the contributions of the manufacturing, agricultural, oil and gas, building, transport and trading sectors in the Nigerian economy. Employing the classical Ordinary Least Square estimates, ADF unit root test, Johansen Co-integration estimation techniques and Error Correction Modelling to analyse the data obtained. Based on the parsimonious error correction result, the study empirically explored that the ECM is correctly signed and significant and all the explanatory variables were positively and significantly related to the total GDP a proxy of economic performance in Nigeria. The study concluded that the productive sectors in Nigeria exert positive and significant influence on the Nigerian economy for the period under investigation. The study recommended, inter alia, that the government and all other stakeholders should channel huge economic resources into investing more in the productive sectors, so that these sectors will bring about the desired level of economic growth in Nigeria, as witnessed in the European world.


Keywords


Productive sectors’; Contribution; Economic performance; Nigeria

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DOI: http://dx.doi.org/10.3968/10376

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