Low-Capacity Utilization During the Economic Recession in Nigeria (2016–2018) And Industrial Development in Dozzy and Chikason Group of Companies, Anambra State
Keywords:Low-Capacity Utilization, Economic Recession, Industrial Development, Economic Growth
The present study examined the influence of low-capacity utilization during the economic recession in Nigeria between 2016-2018 on industrial development with reference to Dozzy and Chicason group of companies in Anambra State. Open system theory formed the theoretical framework for the study. One hundred and forty-six participants were selected for the study and questionnaire was used for data collection. The study adopted cross-sectional research design employing the use of quantitative research method. Data processing was done using the Statistical Package for Social Sciences (SPSS). Descriptive statistics such as frequency tables and simple percentages were used in analyzing the data. The study hypothesis was tested using the chi-square inferential statistics. The finding of the study showed that to a large extent, economic recession leads to low capital utilization which in turn adversely affects industrial development. The study concluded that economic recession has adverse effects on industrial development and recommends that economic reform programs such as provision of long-term loans, bailout funds, single digit rates, resuscitation of decayed infrastructure, especially power and strengthening the stock exchange be adopted to curb economic recession in Nigeria.