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ARTICLE SUMMARY

Title: An Assessment Of The Nexus Between Manufacturing Sector Growth And Oil Sector Growth In Nigeria
Author(s): AGU Osmond Chigozie, MBAH Stella Ada, ANEKE Chijioke Ezra &EMMA-EBERE Onyedikachukwu Obiajulu
Abstract: This study investigated the relationship between oil sector growth and manufacturing sector growth, with the view of ascertaining the influence of oil output on the manufacturing sector output growth in Nigeria. Employing Structural Vector autoregressive (SVAR) and causality test approaches, the result of the causality test shows that there was no causality running between the manufacturing output and oil output in Nigeria. The results of impulse response functions (IRFs) and Variance error decomposition (VED) show that the oil output growth and the manufacturing sector output growth exhibit a negative relationship. The oil price and the exchange rate variables exhibit negative and statistically significant results in relation to manufacturing sector output. Interest rate was also found to exhibit significant positive relationship with manufacturing sector growth. The influence of oil price on the manufacturing sector is stronger than the impact of the oil output. The study therefore recommends that the government and stakeholders may focus more on the oil price for her policy formulation instead of on oil output. Secondly, monetary authorities should be sensitive to the interest rate charged on loanable funds. This may attract more investors and increase the business friendliness of Nigeria economy relative to other developing countries
Keywords: Manufacturing Sector growth; Oil Sector output growth; Oil price; interest rate; Dutch Disease, Reso

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Dr. Ayodele O. Momodu

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Mr. Peter P. Finebone

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