Strategic Orientation and Recessed Economy: Options for Consumer Goods Manufacturing Sub-Sector in Nigeria

Abstract

Prolonged economic recession occasioned by the collapse of the world oil market from the early 1980 and the attendant sharp fall in foreign exchange earnings have adversely affected economic growth and development in Nigeria. This study was necessitated to identify the extent of relationship that exists between strategic orientation and recessed economy: options for consumer goods manufacturing sub-sector in Nigeria. Ex-Post Facto research design was employed for the study and simple regression analysis was adopted in analyzing the data. The findings of the study revealed that entrepreneurial orientation has a significant positive relationship with economic development. This explains that an increase in strategic orientation will lead to a resultant increase in economic development and vice versa. The study therefore recommended that government should key in by reversing the poor performance of consumer goods manufacturing sector in providing incentives for the firms to become more export oriented and improve the already established structural reforms in order to improve transparency and stability of both financial system, and fiscal activities to restore confidence in the economy during recession.