Universal Journal of Computational Mathematics(CEASE PUBLICATION) Vol. 4(4), pp. 51 - 60
DOI: 10.13189/ujcmj.2016.040401
Reprint (PDF) (317Kb)


Comparative Analysis of Pre and Post Re-basing Economic Performance of Nigeria Construction Sector for Economic Development


Peter Uchenna Okoye 1,*, Peter Emenike Ogunoh 1, Chinwendu Christopher Mbakwe 2
1 Department of Building, Nnamdi Azikiwe University, Nigeria
2 Department of Quantity Surveying, Nnamdi Azikiwe University, Nigeria

ABSTRACT

This study analysed pre and post re-basing economic performance of Nigeria construction sector with a view to ascertaining if significant improvements have been achieved in terms of construction output, construction growth rate, contribution to Gross Domestic Product (GDP) and economic development. Data were obtained from the publications of the Central Bank of Nigeria and the National Bureau of Statistics from 1981 to 2015, and analysed using Z test and Pearson correlation. Statistically, the study found that there was significant improvement in the construction sector outputs and contribution to GDP after re-basing as the computed Z scores (-8.0381) and (-5.4647) were greater than the critical value (1.96) at 5% significance difference respectively. The correlation coefficients (0.706) and (0.561) and the p-values (<0.00001) indicated a strong and significant correlations. However, there was no significant difference in the growth rate of construction sector and GDP after re-basing as the computed Z scores (-0.2388) and (0.2835) were less than the critical value (1.96). The correlation coefficient (0.030) and (0.036) and p-values (0.81126) and (0.776794) also showed a very weak and non-significant correlation. This implied that Nigeria economic re-basing has triggered improvement in construction output and contribution to GDP but not in construction growth rate and GDP growth rate as previously believed.

KEYWORDS
Construction Sector, Economic Development, GDP, Nigerian Economy, Performance Improvement, Re-basing

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Peter Uchenna Okoye , Peter Emenike Ogunoh , Chinwendu Christopher Mbakwe , "Comparative Analysis of Pre and Post Re-basing Economic Performance of Nigeria Construction Sector for Economic Development," Universal Journal of Computational Mathematics(CEASE PUBLICATION), Vol. 4, No. 4, pp. 51 - 60, 2016. DOI: 10.13189/ujcmj.2016.040401.

(b). APA Format:
Peter Uchenna Okoye , Peter Emenike Ogunoh , Chinwendu Christopher Mbakwe (2016). Comparative Analysis of Pre and Post Re-basing Economic Performance of Nigeria Construction Sector for Economic Development. Universal Journal of Computational Mathematics(CEASE PUBLICATION), 4(4), 51 - 60. DOI: 10.13189/ujcmj.2016.040401.