STABILIZATION POLICIES, INFRASTRUCTURAL DEVELOPMENT AND INDUSTRIALIZATION PROCESS IN NIGERIA
- Ude Damian Kalu
- S.I. Madueme
- S. Ekesiobi Chukwunonso
- ( paper pages. 1 - 27 )
Abstract
This study investigated the relationship between stabilization policies,infrastructural development and industrialization process in Nigeria. The studyestimated a slightly modified form of the basic St. Louis equation with data rangingfrom 1981 to 2015. The main finding is that increase in electricity, gas and waterinfrastructure would facilitate industrialization process in Nigeria. The Johansencointegration testing approach demonstrated a significant long-run relationshipbetween these three variables. The study found that government revenue (fiscalpolicy), communication, electricity, gas and water infrastructures have significanteffect on the development of crude petroleum and natural gas. The findings onsolid mineral sector suggested that interest rate (monetary policy) has a significantinverse relationship with the development of solid minerals. The study also foundthat all the infrastructural variables have significant effects on solid mineraldevelopment. Also, the study found that transport infrastructure plays a significantrole in the development of the manufacturing sector. It concluded that, with strongdetermination and positive actions, Nigeria will surmount its industrializationchallenges.
Citation
Ude Damian Kalu, S.I. Madueme, S. Ekesiobi Chukwunonso.
2018.
"STABILIZATION POLICIES, INFRASTRUCTURAL DEVELOPMENT AND INDUSTRIALIZATION PROCESS IN NIGERIA"
The Nigerian Journal of Economic and Social Studies,
60 (2): 1 - 27.
JEL Classification
E63, H54, O14
