Industrialization and Economic Development in Nigeria 1981-2016

This paper investigated the impact of industrialization on the economic growth and development of Nigeria. Secondary data from CBN statistical bulletin covering 1981-2016 of various issues were used; OLS method of regression analysis was used, the findings shows that industrialization still exerts positive impact on RGDP. It was also found that industrial sector output has a positive but insignificant impact on unemployment. The result of Johensen cointegration test shows that the trace test indicated one cointegrating equation at 5% level, we therefore reject the null hypothesis and accept the alternative hypothesis that there is long run relationship between industrialization and real GDP growth. It is therefore recommended among others that, the industrial sector should be revamped to encourage global competitiveness