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Article Information:
The Effect of Economic Recession in Textile Manufacturing Industries in Nigeria
B.A. Chukwu, N.A. Liman, Enudu T.O. and A.F. Ehiaghe
Corresponding Author: B.A. Chukwu
Submitted: September 11, 2013
Accepted: September 20, 2013
Published: August 15, 2015 |
Abstract:
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This research study investigated the effects of economic recession in textile manufacturing industries in Nigeria. Economic recession has disastrous ripple effects on manufacturing industries. A lot of manufacturing industries have gone into oblivion because of this malady. A sizeable income is lost by manufacturing industries during economic recession through reduction in share prices, low capacity utilization, labour turnover, unsold inventories and fall in commodity prices. A cross sectional survey was used to collect data for answering research questions and testing hypothesis in this research work. The data collected from questionnaire instrument were also analyzed using percentages. The research finding show that the effect of economic recession in manufacturing industries are low capacity utilization and factory closure, horrendous nosedive in stock market prices, delisting of share at the stock exchange, fall in commodity prices and low foreign direct investments. Horrendous nosedive in stock market prices has the foremost effect on manufacturing industries and this result in low investment in shares and expansion. A comparison of the effect of economic recession between Afprint and Enpee textile industries show that both industries rate horrendous nosedive in stick market prices as the major effect of economic recession. The variables that were hypothetically tested as the effect of economic recession has significant effect on Textile industries in Nigeria We recommend an economic reform program that will be able to tackle the problem of economic recession such as providing bailout fund, single digit interest rate, long term loan, resuscitation of decayed infrastructure especially, power and strengthening the stock exchange.
Key words: Economic recession, factory closure, financial crises, labour turnover, manufacturing industries, Nigeria,
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Cite this Reference:
B.A. Chukwu, N.A. Liman, Enudu T.O. and A.F. Ehiaghe, . The Effect of Economic Recession in Textile Manufacturing Industries in Nigeria. Asian Journal of Business Management, (3): 43-54.
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ISSN (Online): 2041-8752
ISSN (Print): 2041-8744 |
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