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Generally speaking, the manufacturing sector plays a catalytic role in a modern economy and has many dynamic benefits crucial for economic transformation. In any advanced economy or even growing economy, the manufacturing sector is a leading sector in many respects. The role of manufacturing industry on the growth of economy cannot be underestimated, any nation with low manufacturing sector we remain developing or under developed nation. These re-affirm the first law of Nicholar Kaldors 1966 that say “manufacturing industry is the engine of economy growth”. Economist have bordered themselves trying to study the causes of economy growth and mechanism behind it which was later found out that manufacturing sector is one the key variables.
Manufacturing industry simply means those organizations that are involved in conversion of resources into desire goods. The goods could be a finished or intermediate goods used in the production process. To Adebayo (2010) manufacturing industry refer to those industries which are involved in the manufacturing and processing of items and indulge or give free rein in either the creation of new commodities or in value addition. In a broad sense, Loto (2012) refers to manufacturing sector as an avenue for increasing productivity in relation to import replacement and export expansion, creating foreign exchange earning capacity, raising employment and per capita income which causes unrepeatable consumption pattern. Mbelede (2012) opined that manufacturing sector is involved in the process of adding value to raw materials by turning them into products.
The advent of technology and socio-economic transformations in the western countries in the 18th-19th centuries brings about manufacturing industries. This period was known as industrial revolution. It started in Britain where robot replaced labour in intensive textile production. Manufacturing...