Internal Control System and Financial Performance of Listed Manufacturing Companies in Nigeria

This study examined the relationship between sectoral performance and economic growth in Nigeria from 1991 to 2023. A quantitative survey research design was adopted to investigate how various sectors, specifically agriculture, manufacturing, and oil and gas, contributed to the country’s economic growth during this period. Data were collected from secondary sources, focusing on key macroeconomic variables relevant to the sectors under investigation. The data were analyzed using SPSS version 27, which facilitated descriptive and inferential statistical analyses. ANOVA estimates, specifically F-statistics, were employed to test the stated hypotheses, assessing the significance of sectoral performance on economic growth. The analysis revealed several noteworthy findings. Firstly, the results indicated a significant relationship between sectoral performance and economic growth, underscoring that improvements in sectoral outputs positively influenced the overall GDP of Nigeria. The F-statistic yielded a value indicating that the null hypothesis, which posited no significant relationship between sectoral performance and economic growth, was rejected at a significance level of p < 0.05. Furthermore, the study found that the contributions of the agricultural and manufacturing sectors to economic growth were statistically significant, yet the oil and gas sector demonstrated a comparatively greater impact. This finding suggested that while agriculture and manufacturing are vital to the economy, the oil and gas sector continued to play a crucial role in driving economic growth, reflecting Nigeria’s dependency on natural resource exports. Consequently, the second hypothesis, which argued that agricultural and manufacturing sectors do not significantly contribute to economic growth more than the oil and gas sector, was also rejected. Additionally, the findings highlighted the significance of government policies in enhancing sectoral performance. The analysis indicated that favorable policies positively impacted both the agricultural and manufacturing sectors, reinforcing their roles in promoting economic growth. The third hypothesis, which posited that government policies do not have a significant positive effect on sectoral performance and economic growth, was rejected based on the findings. In conclusion, the study provided substantial evidence of the importance of sectoral performance in fostering economic growth in Nigeria. The significant contributions of the agricultural and manufacturing sectors, alongside the dominance of the oil and gas sector, illustrated the need for strategic policies aimed at diversifying the economy. These findings emphasized the necessity for the Nigerian government to implement robust economic policies that would support and enhance the performance of these critical sectors, ensuring a sustainable economic trajectory in the years to come. The study contributed to the existing literature by providing insights into the dynamics between sectoral performance and economic growth, offering a foundation for future research in this domain.