International records / OpenAlex research

Impact of Selected Macroeconomic Variables on the Industrial Sector in Nigeria

This study examined the impact of inflation, exchange rate, interest rate, credit to the private sector, and oil prices on Nigeria’s declining industrial sector, employing the ARDL methodology to analyze 43 years of annual data (1981-2023). The findings revealed that macroeconomic instability, particularly inflation and exchange rate volatility, exerts significant adverse effects on industrial performance. In the long run, inflation and exchange rate depreciation negatively impact industrial output, reflecting structural vulnerabilities such as import dependency, rising production costs, and e…