A Statistical Analysis on the Growth Rate of Selected Sectors of Nigerian Economy

Chukwuenyem E. Onyenekwe; Ejiofor Chidimma Florence; Chukwunenye Victor Chigozie

Title:
A Statistical Analysis on the Growth Rate of Selected Sectors of Nigerian Economy

Authors:
Chukwunenye Victor Chigozie | Chukwuenyem E. Onyenekwe | Ejiofor Chidimma Florence

Cite This Article :

Chukwunenye Victor Chigozie | Chukwuenyem E. Onyenekwe | Ejiofor Chidimma Florence "A Statistical Analysis on the Growth Rate of Selected Sectors of Nigerian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-2, April 2024, pp.401-404, URL: https://www.ijtsrd.com/papers/ijtsrd64635.pdf

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Abstract :
In this paper, multiple regression analysis was used to measure the impact of the growth rate of some selected sectors of the Nigerian economy on the real Gross Domestic Product (GDP). For cases where linear relationship between the explanatory and response variables does not exist, non-linear regression model was applied. Dataset used was obtained from the National Bureau of Statistics database which contains the real gross domestic product growth rate of each sector from 2018 to 2022. The results obtained from the study revealed that a significant linear relationship exists between the manufacturing, transportation with storage sectors and the real GDP. However, a non-linear relationship exists between the real GDP growth rate and Information Communication Technology (ICT) sector. Suggestions were made on how to improve the various sectors of the economy.

Keywords :
gross domestic product; Nigerian economy; multiple regression analysis, general linear model; model forecast.

Publication Details:

Unique Identification Number : IJTSRD64635

Published In : Volume-8 | Issue-2, April 2024

Page Number(s) : 401-404

Publisher Name : IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470

Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

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