Adams, Samuel Olorunfemi and Bamanga, Muhammad Ardo and Mbusube, Amina (2019) Principal Component Analysis of Nigerian Economy from 2006 – 2017. Asian Journal of Advanced Research and Reports, 5 (4). pp. 1-9. ISSN 2582-3248
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Abstract
The economy of a developing country like Nigeria depends mainly on crude oil exploration, currently other economic factors such as Agriculture, Industrialization, Manufacturing, other available mineral resources e.t.c., are not properly harnessed to improve the country’s GDP. A detailed study of the effect of ten economic factors of Nigeria’s economy was investigated and Principal Component Analysis was employed to explain the relationship, distribution and effect of the factors among the various sectors of Nigeria. It was discovered that a strong positive significant association existed between building and manufacturing, construction, wholesale and retail, transportation, communication, utilities, real estate and community social services, while a negative relationship existed between cruel oil and Agriculture. The component with the highest effect on the Nigerian economy was Agriculture, followed by crude oil and manufacturing/industrialization. The PCA has suggested retaining two components i.e. Agriculture and cruel oil. It was recommended that Nigeria Government should consider Agriculture first as the major economic factor before cruel oil and natural Gas.
Item Type: | Article |
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Subjects: | Research Asian Plos > Multidisciplinary |
Depositing User: | Unnamed user with email support@research.asianplos.com |
Date Deposited: | 12 May 2023 09:02 |
Last Modified: | 17 Oct 2024 05:03 |
URI: | http://abstract.stmdigitallibrary.com/id/eprint/555 |