Determinants of Manufacturing Firms' Performance in Nigeria: A Sub-sectoral Comparative Analysis

A sub-sectoral comparative analysis of the manufacturing sector provides more valuable insights into individual firm peculiarities regarding what determines their performance. This has informed the need to embark on this study to investigate if the effect of the determinants of athletic performance varies across manufacturing sub-sectors in Nigeria. Five sub-sectors out of the ten manufacturing sub-sectors quoted in the Nigeria Stock Exchange market from 1999 to 2020 were analyzed using the panel autoregressive distributed lag (P-ARDL) estimating technique. It was found that the determinants that accounted for firms' performance varied among the five manufacturing sub-sectors. The study, therefore, recommends that the government should consider the peculiarity of the different sub-sectors when formulating industrial policies because it will impact them differently. The follow-up and support should be specific to each sub-sector for the overall achievement of improved performance.