THE CONTRIBUTION OF FINANCIAL INSTITUTIONS IN NIGERIA TO THE GROWTH OF MANUFACTURING INDUSTRY
This project examined the Contribution of Financial Institutions in Nigeria to the Growth of Manufacturing Industry. The research adopted ex-post facto research method. Data was basically collected by secondary means through CBN Statistical Bulletin. Data garthered span 2005 to 2014.
Three hypotheses were formulated and tested with the used of regression analysis and T-test. Based on the result of the analysis, the three null hypotheses were rejected and the alternate hypotheses accepted. It was thereby concluded that; Interest rate has significant impact on manufacturing output; Bank credit does not have significant impact on the output of the manufacturing Sector in Nigeria; that bank credit has significant impact on the output of the manufacturing Sector in Nigeria and there is significant relationship between manufacturing output and economic growth of Nigeria.
Recommendations were proffered to Bank to give credit to the manufacturing sector of the economic as it is contributing significantly for the growth of GDP in Nigeria.