1. REFORM POLICIES, MANUFACTURING ENTREPRENEURIAL ACTIVITY AND ECONOMIC GROWTH: EMPIRICAL AND QUALITATIVE OBSERVATIONS ON NIGERIA Egbetokun, A.A., Adelowo, C., Oladipo, O., Adepoju, A.O., Isola, O.O. & Olamade, O.O. National Centre for Technology Management (NACETEM), Federal Ministry of Science & Technology (FMST), Obafemi Awolowo University, Ile-Ife, Nigeria

9. FINDINGS (Contd.) * Correlation is significant at the 0.05 level 2-tailed. ** Correlation is significant at the 0.01 level 2-tailed. Table 1: Correlation of reform and economic growth variables, Nigeria (1980 - 2003) 1 2 3 4 5 6 7 8 GDP GDPGROWTH 0.429* MANGDPGROWTH 0.102 0.412 NENTRY 0.840** 0.424* -0.059 NSLT10ENTRY 0.802** 0.398 -0.123 0.988** PERCENTSLT10ENTRY 0.607** 0.281 -0.290 0.774** 0.822** NENTRYTREND -0.025 0.276 -0.215 0.383 0.435* 0.430* NSLT10ENTRYTREND 0.015 0.129 -0.367 0.391 0.453* 0.540** 0.953** ICU -0.433* -0.059 0.367 -0.453* -0.488* -0.314 -0.125 -0.097

10. FINDINGS (Contd.) Figure 1: Manufacturing firm entry (1980-2003)

11. FINDINGS (Contd.) Figure 2: Year-on-year trends in manufacturing firm entry rates (1980-2003)

12. FINDINGS (Contd.) Table 2: Regression of entrepreneurial activity variables on GDP B SE t Sig. (Constant) -89.36 175.18 -0.51 0.62 NENTRY 0.31 0.06 5.36 0.00 PERCENTSLT10ENTRY 4.55 4.46 1.02 0.32 NENTRYTREND -0.13 0.25 -0.53 0.60 NSLT10ENTRYTREND -0.14 0.53 -0.26 0.79 ICU 0.11 0.73 0.16 0.88 Adjusted R 2 0.760