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INDUSTRIAL POLICIES, STRUCTURAL TRANSFORMATION AND INCLUSIVE GROWTH IN NIGERIA

INDUSTRIAL POLICIES, STRUCTURAL TRANSFORMATION AND INCLUSIVE GROWTH IN NIGERIA

 

Abstract: This paper seeks to identify the channels through which industrial policies and other micro and macroeconomic policies promote structural transformation on one hand, and the channels through which structural transformation impacts on and accelerates inclusive growth in Nigeria on the other hand. A 4-equation simultaneous equations model was specified and estimated using the two-stage least squares (2SLS) estimator and data for 1991-2013. The empirical results show that structural transformation, good industrial policy, and investment are significantly and positively related to inclusive growth in Nigeria. The coefficient of openness was found to be negative but very significant at the 1 percent level. A vital policy implication of the result is that the country should endeavour to implement an optimal mix of industrial policies that will facilitate structural transformation and accelerate inclusive economic growth in Nigeria. Some of these policies include an appropriate exchange rate policy, economic policies that would promote domestic production of industrial goods, increase employment opportunities, promote exports, and encourage increases in aggregate investment.

JEL classification: C3, L16, O25, F43, D63, O11, O12, O40, O47, O53

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