Statistical Modelling of Selected Real Sectors and Economic Growth in Nigeria
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Abstract
The statistical modelling of selected service sectors and the economic growth of Nigeria was considered. A linear regression with three predictors (Telecommunication, Industrial and Agricultural sectors) was built. The study considered P-value, VIF, R^2, and analysis of variance. The data used was from 1960 to 2022, covering the period of lack of technology and the period when technology have been advanced. It was revealed that the Telecom and Industrial sectors had positive impact while the Agricultural sector had negative impact on the economic growth of Nigeria with their respective values of 〖3.0×10〗^ (-5), 0.784 and 1.404. Also, the coefficient of determination was found to be 73.98%, which showed that the model was a good fit and the predictors (Telecom, Industrial and Agricultural sectors) were able to explain the variations in the response variable. The study recommended among others that more investment should be made in the Agricultural and Industrial sectors to ensure creation of jobs and profitable growth in Nigeria economy.
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References
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