The effect of industrial development on the economic growth of Nigeria has over the past decade b... more The effect of industrial development on the economic growth of Nigeria has over the past decade been a recurring issue for analysis like every economy most especially developing economies. Nigeria has enjoyed a long period of sustained economic growth since 2001 and yet, there is poor contribution from the industrial sector to the country's GDP. There are various studies that have supported that industrial development is a pathway to sustainable economic growth. Thus, this research investigated the effect industrial development on the Nigeria's economic growth 1973-2013. PC Give 8.00 version statistical package was used to analyze the secondary data that was collected from National statistical bulletin. GDP was used as the dependent variable, while foreign direct investment, industrial output, total savings and inflation was used as the independent variables. The model explain that the influence of industrial output on economic growth is not statistically significant, though the sign obtained from its àpriori expectation is positively related to (economic growth) GDP but does not hold strong enough. Savings has a positive relationship and also significant impact on the economy. Inflation has a negative relationship while net foreign direct investment is positively significant on the impact of economic growth. R-squared shows a 76% increase on the GDP. Based on the findings, it is therefore recommended that the government and its agencies should ensure political stability and also the implementation of strategic policies that will create a fair playing grounds for foreign investors which will also improve the establishment of industries especially the manufacturing industries to encourage industrialization of the Nigerian economy as this will facilitate the strengthening of economic growth (GDP). Increase in savings will make money available for the economy through high interest rate and income adjustments from the monetary policy. The Bank of Industry (BOI) should be ready to aid Nigerian industrialization along Nigeria's line of development and not a total shift to accepting models which worked elsewhere given their environment and circumstance which differs from place to place. INTRODUCTION The impact of manufacturing on economic development has been widely studied. Very few countries have been able to grow and accumulate wealth without investing in their manufacturing industries, and a strong and thriving manufacturing sector usually precipitates industrialization. The manufacturing sector is widely considered to be the ideal industry to drive Africa's development. This is due to the labor-intensive, export-focused nature of the industry. There is a direct correlation between exportation levels and the economic success of a country. By increasingly adding value to products before they are sold, revenues are boosted, thereby raising average earnings per input. Furthermore, the manufacturing sector is also more sustainable and less vulnerable to external shocks than commodities (KPMG,2014). Industrial development therefore is the application of modern technology, equipments and machineries for the production of goods and services, alleviating human suffering and to ensure continuous improvement in their welfare. Modern manufacturing processes are characterized by high technological innovations, the development of managerial and entrepreneurial talents and improvement in technical skills which normally promote productivity and better living conditions. In recognition of this, successive governments in Nigeria have continued to articulate policy measures and programme to achieve industrial growth and development. This cannot be attained until manufacturing capacity is utilized to a reasonable extent (Fashola, 2004). In Nigeria, as in many other developing countries, the word industry is used essentially as a synonym for manufacturing. This is because manufacturing is the most dynamic component of the industrial sector. Industrialization has come to be regarded as a crucial and powerful engine in the overall development process. The World Bank has classified Nigeria as inward oriented by trade orientation. Using data for 1963 – 73 and 1973 – 1985, she was deemed moderately inward oriented for the production period 1963 – 1973, but strongly inward oriented for the period 1973 – 1985. Since 2001, Nigeria has enjoyed a long period of sustained expansion of the non-oil economy, with growth occurring across all sectors of the economy and accelerating at
ustomer relationship management is considered key to organizations' success in today's competitiv... more ustomer relationship management is considered key to organizations' success in today's competitive environment. However, empirical evidence show mixed support to the impact of CRM initiatives on performance. Using the resource-based view RBV of the firm, CRM is hypothesized as a distinctive capability that can lead to superior business performance. The study proposes four dimensions of CRM capability: CRM technology, CRM processes, customer orientation, and CRM organization. Data used to validate the research model were collected through cross sectional survey of large Egyptian companies. SEM was used to test the research hypotheses. All CRM proposed dimensions showed significant link to performance. However, when all impacts were considered simultaneously, CRM organization emerged as the only significant predictor of performance. Implications for theory and practice are presented.
The effect of industrial development on the economic growth of Nigeria has over the past decade b... more The effect of industrial development on the economic growth of Nigeria has over the past decade been a recurring issue for analysis like every economy most especially developing economies. Nigeria has enjoyed a long period of sustained economic growth since 2001 and yet, there is poor contribution from the industrial sector to the country's GDP. There are various studies that have supported that industrial development is a pathway to sustainable economic growth. Thus, this research investigated the effect industrial development on the Nigeria's economic growth 1973-2013. PC Give 8.00 version statistical package was used to analyze the secondary data that was collected from National statistical bulletin. GDP was used as the dependent variable, while foreign direct investment, industrial output, total savings and inflation was used as the independent variables. The model explain that the influence of industrial output on economic growth is not statistically significant, though the sign obtained from its àpriori expectation is positively related to (economic growth) GDP but does not hold strong enough. Savings has a positive relationship and also significant impact on the economy. Inflation has a negative relationship while net foreign direct investment is positively significant on the impact of economic growth. R-squared shows a 76% increase on the GDP. Based on the findings, it is therefore recommended that the government and its agencies should ensure political stability and also the implementation of strategic policies that will create a fair playing grounds for foreign investors which will also improve the establishment of industries especially the manufacturing industries to encourage industrialization of the Nigerian economy as this will facilitate the strengthening of economic growth (GDP). Increase in savings will make money available for the economy through high interest rate and income adjustments from the monetary policy. The Bank of Industry (BOI) should be ready to aid Nigerian industrialization along Nigeria's line of development and not a total shift to accepting models which worked elsewhere given their environment and circumstance which differs from place to place. INTRODUCTION The impact of manufacturing on economic development has been widely studied. Very few countries have been able to grow and accumulate wealth without investing in their manufacturing industries, and a strong and thriving manufacturing sector usually precipitates industrialization. The manufacturing sector is widely considered to be the ideal industry to drive Africa's development. This is due to the labor-intensive, export-focused nature of the industry. There is a direct correlation between exportation levels and the economic success of a country. By increasingly adding value to products before they are sold, revenues are boosted, thereby raising average earnings per input. Furthermore, the manufacturing sector is also more sustainable and less vulnerable to external shocks than commodities (KPMG,2014). Industrial development therefore is the application of modern technology, equipments and machineries for the production of goods and services, alleviating human suffering and to ensure continuous improvement in their welfare. Modern manufacturing processes are characterized by high technological innovations, the development of managerial and entrepreneurial talents and improvement in technical skills which normally promote productivity and better living conditions. In recognition of this, successive governments in Nigeria have continued to articulate policy measures and programme to achieve industrial growth and development. This cannot be attained until manufacturing capacity is utilized to a reasonable extent (Fashola, 2004). In Nigeria, as in many other developing countries, the word industry is used essentially as a synonym for manufacturing. This is because manufacturing is the most dynamic component of the industrial sector. Industrialization has come to be regarded as a crucial and powerful engine in the overall development process. The World Bank has classified Nigeria as inward oriented by trade orientation. Using data for 1963 – 73 and 1973 – 1985, she was deemed moderately inward oriented for the production period 1963 – 1973, but strongly inward oriented for the period 1973 – 1985. Since 2001, Nigeria has enjoyed a long period of sustained expansion of the non-oil economy, with growth occurring across all sectors of the economy and accelerating at
ustomer relationship management is considered key to organizations' success in today's competitiv... more ustomer relationship management is considered key to organizations' success in today's competitive environment. However, empirical evidence show mixed support to the impact of CRM initiatives on performance. Using the resource-based view RBV of the firm, CRM is hypothesized as a distinctive capability that can lead to superior business performance. The study proposes four dimensions of CRM capability: CRM technology, CRM processes, customer orientation, and CRM organization. Data used to validate the research model were collected through cross sectional survey of large Egyptian companies. SEM was used to test the research hypotheses. All CRM proposed dimensions showed significant link to performance. However, when all impacts were considered simultaneously, CRM organization emerged as the only significant predictor of performance. Implications for theory and practice are presented.
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