INDIGENOUS TECHNOLOGY AS A PANACEA FOR NIGERIAN INDUSTRIALIZATION
Abstract
This study centered on indigenous technology as the panacea for Nigerian industrialization. Time series data were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and World Bank Development Indicators. The period(2) of the study covered from 1981-2021. In this paper, Gross Domestic Product proxy for economic growth stands as the dependent variable while industrial output, population growth rate,, oil export, technology and exchange rate are the independent variables. The Autoregressive Distributed Lag (ARDL) Bound Test was used for the estimation and E-view 10 econometric software was used for the analysis. Some of the major findings revealed that in the long-run, there existed positive significant relationship between economic growth and industrial output, population growth rate and exchange rate that oil export and technology as strategically as they are in the industrialization process are statistically insignificant. The paper recommended that in order to overcome the challenges arising from over dependence on the oil sector as the major sources of revenue that government should diversify in other sectors of the economy. Also, it is recommended in this paper that government should place greater emphasis on development of indigenous technologies by allocating more resources to research and development programmes and by promoting technical and technology education in our secondary and tertiary institution.
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