"A Strong Manufacturing sector fuels Economic Growth"
The manufacturing sector has become increasingly important as the engine and driver of economic growth in both developing and developed economies’ relationship between Manufacturing and Economic growth is that Manufacturing output, capital and technology are the major determinants of economic growth. When there’s provision of capital in form of financial resources to fund the manufacturing sector it will greatly improve manufacturing activities in Nigeria.
Nigeria where among scores of natural resources only one crude oil accounts for over 90% of its total export trade, there is no other route to achieving a national sustainable economic growth other than to find the appropriate ways to diversify to export base.
The structure of the Nigerian economy is typical of an underdeveloped country. The primary sector in particular the oil and gas sector, dominates the gross domestic product accounting for over 95% of export earnings, and about 85% of government revenue between 2011 and 2012.The industrial sector accounts for 6%of the economic activity, while the manufacturing sector contributed only 4% to GDP in 2011.The industrialization strategy aims at achieving greater global competitiveness in the production of processed and manufactured goods by linking industrial activity with primary sector activity domestic and foreign trade and service activity.