The Contributions of Exchange Rate on the Growth of Manufacturing Sector in Nigeria: An Econometric Approach

Authors

  • Ita Richard Ita Department of Banking and Finance, University of Calabar
  • Nkamare Stephen Ekpo Department of Banking and Finance, University of Calabar
  • Emefiele Charles Chike Department of Banking and Finance, University of Calabar
  • Obioke Esedu Anthony Department of Banking and Finance, University of Calabar
  • Okpunor Loveth Department of Banking and Finance, Nnamdi Azikiwe University, Awka

Keywords:

exchange rate, money supply, trade openness, manufacturing sector

Abstract

The study empirically examined the contributions of exchange on the growth of manufacturing sector in Nigeria. The specific objectives were to; examine the impact of exchange rate, money supply, and trade openness on the performance of the manufacturing sector in Nigeria. Secondary data was extracted from Central Bank of Nigeria statistical bulletin, 2020. Ordinary least square of multiple regression technique was employed to examine the impact of independent on dependent variables. Based on the results, the findings revealed that exchange rate had a negative and significant impact on performance of manufacturing sector, while money supply and trade openness had a positive and significant effect on the performance of the manufacturing sector. The study recommended that the monetary authority should introduce direct policies of regulating price stability in the economy via regulating money supply in order to decelerate the rising inflationary trend in the economy.

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Published

2023-02-28

How to Cite

Ita Richard Ita, Nkamare Stephen Ekpo, Emefiele Charles Chike, Obioke Esedu Anthony, & Okpunor Loveth. (2023). The Contributions of Exchange Rate on the Growth of Manufacturing Sector in Nigeria: An Econometric Approach. aw and conomy, 2(3), 22–28. etrieved from https://www.paradigmpress.org/le/article/view/480

Issue

Vol. 2 No. 3 (2023): March

Section

Articles