MA 22 Effect of Interest Rate on The Growth of Manufacturing Sector in Nigeria
Effect of Interest Rate on The Growth of Manufacturing Sector in Nigeria OPUSUNJU Michael Isaac, PhD AKYÜZ Murat, PhD SANTELI Jiya, Ndalo, PhD Abstract The study examined the effect of interest rate on the growth of the manufacturing sector in Nigeria. Data was collected from secondary sources covering a period of 32 years from 1985-2015 and this data was obtained through the CBN Statistical bulletin and National bureau of statistics. The population of the study includes all the manufacturing firms in Nigeria. A unit root test and simple regression analysis was used to analyze data. The finding is that there is a significant effect of interest rate on the growth of the manufacturing sector in Nigeria. The study recommends that Banks in Nigeria should try to charge the low-interest rates to enable the growth of the manufacturing sector since it statistically significant. Keywords: Interest Rate, Capacity utilization, manufacturing output and growth of the manufacturing ...