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The Impact Of Inflation On The Manufacturing Sector Of The Nigerian Economy (1981- 2011)
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1.5 RESEARCH HYPOTHESIS
H0: inflation does not have any significant impact on the manufacturing sector of the Nigerian economy
H1: inflation has a significant impact on the manufacturing sector of the Nigerian economy.
H0: interest rate does not have any significant impact on the manufacturing sector of the Nigerian economy.
H1: interest rate has a significant impact on the manufacturing sector of the Nigerian economy.
1.6 SIGNIFICANCE OF THE STUDY
This
research will enable us to understand the factors responsible for the
persistent rise in the price of goods and services produced in the
economy by the manufacturing sector. It will provide appropriate
recommendation on the ways, of eliminating inflation or reducing it, so
as to empower the economy for self sustained development capable of
enhancing the economic well being of a greater number of populations. It
will also equip the policy makers with adequate tools in formulating
the right policy.
1.7 SCOPE OF THE STUDY
The study covers a period
oaring from 1981-2011. The period was chosen in order to have serious
investigation into the activities of the manufacturing sector.
The
multiple regression models will be employed in determining the
functional relationship between inflation and the research variables.
1.8 LIMITATION OF STUDY
In
carrying out the investigation sources of data posed a problem of its
own. It is difficult to lay hands on up to data statistical data for
empirical analysis especially in developing countries such as Nigeria.
In any case one had to mean the best use of what was available.
Resulting
from the short time limit couple with the financial constraints, the
researcher was limited to primary and secondary sources.
Generally the researcher suffers frustration owing to administrative logistics. Below are some of the identifiable limitations.
1.
Unpublished data were rarely made available to researcher by government
officers who avoid violation of the official secrecy act.
2. Secondary data on the subject was stale and scanty in most of the libraries visited including the state library.
1.9 DEFEINITION OF TERMS
INFLATION:
It is a persist tendency for prices and money wages to increase. The
dictionary of economics said “inflation is measured by the proportional
changes over time in some appropriate price index, commonly a consumer
price index or a GDP deflator†inflation occurs when the general price
level is rising.
MANUFACTURING SECTOR: Is s sub-set of the industrial sector (others being processing draft and mixing sub-set)
Manufacturing involves the conversion of raw materials into finished consumer goods or intermediate or producer goods.
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ABSRACT - [ Total Page(s): 1 ]This study analyses the linkage between inflation rate and manufacturing sector of the Nigerian economy over the period of (1981-2011). The study used data sourced from the Central Bank of Nigeria (CBN). The ordinary least square technique (OLS) was used to specify and examine the relationship between the variables Government expenditure, inflation rate and money supply which are the independent variables and the manufacturing index which is the dependent variable for the first model. The indepe ... Continue reading---
