Table 5 4.6. Discussion of the ECM Regression Results
Related Figures (10)
Figure 1. RGDP and manufacturing output trend in Nigeria from 2000Q1 to 202004. 2.3. Trend Analysis Table 1. Unit root test. 4.1. Discussion of Stationarity Result This section presents the results and discussion of the study. 4. RESULTS AND DISCUSSION Note: * represents the chosen lag length used for the estimate of the models of this study. Table 3. ARDL Long-run Coefficients. on growth. This could be attributed to the fact that the manufacturing sector plays a key role in stimulating economic activities and growth, and could also be attributed to the ease of doing business policies of the current administration that encourage local and foreign manufacturers to invest more in the country. The coefficient of the LOGMAO representing the elasticity of economic growth to changes in manufacturing output was inelastic, meaning that economic growth will respond to change in manufacturing output by less than a change in the sector output. economic growth will respond to change in manufacturing output by less than a change in the sector output. Table 4. The long-run bound test result. statistic of 2.00 shows that there is no autocorrelation in the model. Figure 3. Stability test results using CUSM and CUSUM squares. 4.7. Discussion of Diagnostic Test Results 4.10. Discussion of VAR Robustness Test Results The standard VAR was estimated to validate the ARDL result to achieve robustness. 4.9. Robustness Check VAR Results Note: Cholesky Ordering: LOGRGDP LOGMAO INFL LOGNEXR.
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