Globalization is said to be a hallmark for modern economic growth and development. Since 1970, the volume of world trade has grown by around 7% yearly. The Nigerian industrial sector after experiencing boom in the first two decades after Nigeria’s independence, has suffered from low productivity afterwards. Therefore, this study examined the impact of globalization on Nigeria industrial sector performance from 1986 – 2017. The study utilized secondary data from the Central Bank Statistical Bulletin (CBN), and National Bureau of Statistics (NBS). The data were analyzed using Ordinary Least Squares (OLS), Error Correction Model, ADF Unit root test, Johansen Co-integration test, Cholesky variance decomposition test. The findings of this study show that “free-trade” which came as a result of globalization has a not impacted Nigeria industrial output enough to trigger economic growth and also, that Nigeria depends so much on imported products which have made the industrial sector weak and unable to compete with her foreign counterparts. The study also revealed that globalization has led to the stagnation of Nigeria’s Manufacturing index. This implies that the cost of globalization for Nigeria have outweighed its benefits, hence; the study concluded that globalization has done more harm than good to Nigerian economy. The study recommends that Nigeria should put in place an industrial policy which should create enabling business environment within the country by providing incentives to manufacturers, ensuring regular and uninterrupted power supply as well as promoting agriculture.
Citation: Ebele Stella Nwokoye, Stephen M. Chukwuka, Akpoghelie Oghenekome Emmanuel and Ebuwa Emmanuel Ikemefuna (2022) Globalization and the Industrial Sector Performance: The Nigeria Experience, International Journal of Development and Economic Sustainability, Vol.10, No.3, pp.1-18
This study aims at investigating the relevance of tax revenue in driving economic growth in emerging market economy context. . Using data extracted from central bank of Nigeria statistical bulletin for various years and auto-regression estimation model, our study documents the existence of significant and positive relationship between petroleum profit taxes (PPT), Company Income Tax (CIT) on economic growth in Nigeria. Our findings further reveal that Value Added Tax (VAT) and Custom –excise duty (CED) exert negative influence on economic growth. However, the study provide evidence that VAT and CED are insignificant in determining the economic growth in emerging market economy context with special interest in Nigeria This study provide further evidence that the higher the amount of tax revenue generated, the higher the level of economic growth in the economy. There is a recommendation therefore that strong institutional reforms are panacea to prevent leakages of revenue from VAT and CED.
Evaluation of Petroleum Crude Oil Price Volatility on Nigeria National Income and Nigeria Economy (Published)
Oil dependent nations have the potential of economic growth and development in a stable international oil price system. However, the effect of oil price volatility in the evaluation of Nigeria national income and economy is imperative in the face of Nigeria reliance on oil becoming a dream as the negative effect on budget implementation is clearly discovered by researchers. This study evaluated the effect of crude oil price volatility on Nigeria economy and the national income. The study adopted ex-post facto research design. The study covered a period of 22years from 1995 to 2017. Descriptive and inferential (regression) statistics were adopted for the study. The result showed that oil price volatility has significant combined effect on Nigeria’s economy (Gross Domestic Product, Gross National Product and Per Capital Income) Adj.R2 of 0.432;0.449 &0.478, F-Statistics of 7.858, 9.488 ,& 9.238 and p-value 0.004, 0.002 & 0.002.Oil price volatility has no significant negative impact on Gross Domestic Product with β22 of -0.004,R2 of 0.023 t-statistics of -0.630 & p-value of 0.537;oil price volatility has no significant negative impact on Gross National Product with β22 of -0.005,R2of 0.027,t-statistics of -0.692 and p-value of 0.498;also oil price volatility has no significant negative impact on Per Capital Income with β22 of -0.004,R2 of 0.027,t-statistics of -0.688 & p-value of 0.500.The study concluded that oil price volatility affects national income and Nigeria economy significantly. The study recommended that Nigeria should adopt policies that will address negative oil price shocks so that the budgetary system and national income will not be affected.