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Demand-growth in support of structural change: evidence from Nigeria’s formal manufacturing sector

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  • Christina Wolf

Abstract

An emerging literature on demand-led structural transformation and structuralist macroeconomics finds that demand-growth can positively complement industrial policy and drive structural transformation but there is no firm consensus which policies can achieve a sustained virtuous circle of demand-, output- and productivity growth. Looking at evidence from manufacturing companies listed on the Nigerian Stock Exchange (NSE), this paper supports the view that demand-growth can be a catalyst of structural transformation but only if demand problems of different nature are addressed simultaneously. Increases in government spending need to be combined with distributional policies favouring the disposable income of workers and subsistence communities and with policies that can address country-specific and historically formed supply-side problems in vertically linked sectors to counteract external demand problems manifesting through the balance of payments.

Suggested Citation

  • Christina Wolf, 2022. "Demand-growth in support of structural change: evidence from Nigeria’s formal manufacturing sector," Working Papers PKWP2218, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp2218
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    File URL: https://www.postkeynesian.net/downloads/working-papers/PKWP2218.pdf
    File Function: First version, 2022
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    More about this item

    Keywords

    Demand-led Structural Transformation; Industrial Policy; Nigeria; NSE-listed manufacturing companies;
    All these keywords.

    JEL classification:

    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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