Industrialization Strategies and Economic Growth in Nigeria: An Empirical Evaluation

This study investigates the impact of industrialization strategies on economic growth in Nigeria using annual time series data spanning 1990-2022. Employing the Ordinary Least Squares (OLS) method, the study examines the relationship between economic growth (measured by GDP growth rate) and industrialization strategies, while controlling for other macroeconomic variables such as gross fixed capital formation, human capital accumulation, inflation, and exchange rate. The results indicate a positive but statistically insignificant relationship between industrialization strategies and economic growth in Nigeria. While industrialization has the potential to drive economic growth, the findings suggest that the impact of current industrialization policies in Nigeria is limited. This may be attributed to factors such as policy inconsistency, corruption, and inadequate infrastructure, which hinder the effective implementation and impact of industrialization strategies. The study emphasizes the need for comprehensive policy reforms to address these challenges and enhance the effectiveness of industrialization strategies in driving sustainable economic growth in Nigeria. This includes improving the business environment, enhancing infrastructure, promoting technological innovation, and fostering a conducive environment for private sector investment.