Cashless Policy and Manufacturing sector performance in Nigeria

The study examined the effect of cashless policy implementation on the performance of Nigerian manufacturing sector. The specific objective was to determine the effect of point of sale (POS) channel, web channel and automated teller machine (ATM) channel of cashless policy on the real gross domestic product of the Nigerian manufacturing sector. Ex-post facto research design was employed in the study. Secondary data were obtained from the Central Bank of Nigeria Statistical Bulletin from 2012 to 2022. The time series data were analyzed using descriptive analysis and the Robust Least Square (RLS) regression method for hypotheses testing. It was found that: POS channel of cashless policy has a significant positive effect on the real gross domestic product of the Nigerian manufacturing sector (p=0.0338); Web channel of cashless policy has a non-significant positive effect on the real gross domestic product of the Nigerian manufacturing sector (p=0.3322); Automated teller machine (ATM) channel of cashless policy has a significant negative effect on the real gross domestic product of the Nigerian manufacturing sector (p=0.0212). In conclusion, the implementation of cashless policies in Nigeria has significant implications for the performance of the manufacturing sector, offering opportunities to enhance efficiency, transparency, and financial inclusion while also presenting challenges related to infrastructure, security, and cost. The study recommends that Nigerian government, internet service providers, financial institutions, and manufacturing businesses should enhance cybersecurity measures and invest in internet