Impact of macroeconomic variables on the Nigerian manufacturing sector

Figures & data

Table 1. Descriptive statistics and test for variables normality

	MANF	RGDP	EXC	INF	INT	MSS	SER	FD	ENG	TECH	EDU
MEAN	14.801	1.212	11.116	11.822	4.117	5.111	6.561	2.233	3.223	3.343
MAXIMUM	167.1474	20.67773	15.900000	28.802	37.88033	884.24597	569.23228	165.122	123.431	211.349	233.09
MINIMUM	127.5786	−97.38988	6.0025400	4.105	−99.77880	−69.36985	−87.25477	1.012	1.099	1.944	3.980
STD.DEV	12.807	21.62044	3.173003	4.564793	17.95676	6.235542	4.236588	3.096	2.091	2.112	2.118
SKEWNESS	0.007186	−2.587353	−0.083287	0.846133	−4.20541	−3.200154	−3.002547	1.092	2.193	2.88	2.095
KURTOSIS	1.488403	12.47718	1.904886	3.649962	26.58801	12.32651	13.225778	11.091	9.098	7.155	4.091
JARQUE-BERA	4.17759	224.6640	2.857628	6.024590	1257.147	5.36524	8.365222	5.211	4.221	3.109	2.671
PROBABILITY	0.00087	0.000042	0.00046	0.00017	0.00440	0.000211	0.000009	0.0001	0.001	0.000	0.002
OBSERVATIONS	384	384	384	384	384	384	384	384	384	384	384

Source: Author Computation (2022) Using E-Views 7

Table 2. CMR unit root test results

Variable	Lags	Breakpoints	t-statistic	Critical value
MANU	0	2008:Q3	−2.012	−3.16
		2015:Q4
D_MANU	0	2016:Q1***	−6.093	−3.46
		2016:Q3***
RGDP	2	2008:Q1***	−3.023	−1.08
		2015:Q1***
D_RGDP	3	2015Q:Q2***	−4.129	−2.03
		2016:Q3
EXC	2	2014:Q4	−6.023	−4.11
		2015:Q3
D_EXC	0	2016:Q3***	−4.026	−3.91
		2017:Q2***
INF	0	1989:Q4	−5.099	−2.18
		1995:Q2
D_INF	0	2016:Q4***	−6.022	−3.17
		2017:Q2
INT	0	1991:Q3***	−4.108	−2.15
		2002:Q1**
D_INT	1	2007:Q3***	−5.029	−5.42
		2008:Q1
MSS	0	1989:Q4*	−4.073	−5.33
		1995:Q2*
D_MSS	2	2016:Q4***	−5.056	−2.19
D_MSS	2	2017:Q2***	−3.424	−1.44
DD_MSS	1	2018:Q1	−6.074	−3.29
SER	0	2014:Q2***	−7.022	−2.87
		2016:Q1**
D_SER	0	2017:Q1***	−5.092	−3.07
		2018:Q2
FD	1	2002:Q1***	−4.017	−2.28
		2011:Q2***
D_FD	1	2015:Q2***	−5.021	−3.61
		2016:Q3
ENG	0	2000:Q1***	−6.049	−3.19
		2005:Q2***
D_ENG	2	2012:Q4	−3.221	−1.22
	4	2014:Q2***
TECH	2	2013:Q3	−6.922	−3.82
		2015:Q2
D_TECH	0	2017:Q1***	−4.032	−2.91
		1989:Q4***
EDU	3	1995:Q2	−5.026	−3.17
		2011:Q4
D_EDU	2	2014:Q2***	−5.022	−2.19
		2017:Q2

Note: *, **, and *** represent significance level at 10%, 5%, and 1% respectively; D_; DD_ denote first difference and second difference respectively.

Table 3. The ARDL bounds testing model estimates

Long run coefficients				Short run coefficients
Variables	Coefficients	Std. Error	t-Statistic	Variables	Coefficients	Std. Error	t-Statistic
RGDP	0.018	0.081	5.077	MANU(−1)	0.111***	0.034	3.099
EXC	−0.031*	0.089	3.101	RGDP	0.029***	0.044	1.122
INF	−0.042	2.091	4.111	RGDP(−1)	0.112***	0.054	1.117
INT	−0.033	0.071	2.098	EXC	−0.0511***	0.034	2.112
MSS	0.067	0.009	5.102	EXC(−1)	−0.116**	0.045	2.110
SER	0.028	0.008	2.111	INF	−0.0512**	0.034	1.117
FD	0.028	1.045	3.133	INF(−1)	−0.111***	0.045	1.102
ENG	−0.021	0.076	2.122	INT	−0.048**	0.054	3.115
TECH	0.027***	0.089	3.121	INT(−1)	−0.118**	0.048	4.111
EDU	0.029	0.090	2.090	MSS	0.112	0.039	3.115
Constant	1.051	0.566	0.588	MSS(−1)	0.114	0.037	3.119
				SER	0.132	0.038	5.167
				SER(−1)	0.161	0.045	5.109
				FD	0.035***	0.055	6.114
				FD(−1)	0.113***	0.034	2.112
				ENG	−0.091***	0.049	3.109
				ENG(−1)	−0.122**	0.037	4.112
				TECH	0.031***	0.038	4.119
				TECH(−1)	0.112**	0.045	3.166
				EDU	0.116	0.027	3.112
				EDU(−1)	0.114	0.064	4.114
				Constant	−2.322	−1.521	0.000
				$EC{T}_{t-1}$	−0.8003	−6.906	0.000
				R-Square	0.87
				DW	2.411

Note: *, **, *** represent 10%, 5%, and 1% respectively

Figure 1. Plots of CUMUQ and CUSUM Curves