Investments in technology have enabled economies to boost production capacities, thereby promoting economic growth. It becomes imperative for emerging economies to invest in technology and its applications to enhance industrial performance and economic growth. Nigeria is yet to join the league of technology-driven economies despite the continued efforts of the Nigerian government and the private sector to stimulate investments in technology. Using the dynamic ordinary least squares (DOLS) estimation method, the study found that a long-run relationship exists between technology investments, industrial outputs, and economic growth. The findings further reveal that technology investments had a significant positive effect on industrial outputs. However, its impact is not significant on economic growth, suggesting that the current level of technology investments in the industrial sector is not sufficient to significantly stimulate the much-needed growth in the Nigerian economy.
Olusola Joseph Dahunsi (Wed,) studied this question.