A Statistical Model for Boosting Local Manufacturing Entrepreneurship in Delta State, Nigeria
INTERNATIONAL JOURNAL OF TREND IN SCIENTIFIC RESEARCH AND DEVELOPMENT, 8 (3):
254-260 (June 2024)Abstract
This study investigates the factors influencing production volume in the small and medium scale manufacturing sector of Delta State, Nigeria. We develop a linear regression model that analyzes the impact of access to electricity, loan availability, raw material cost, and industry type on the number of units produced per month. Statistical analysis reveals that specialization in food processing, consistent electricity access, and higher loan availability positively correlate with production volume. Conversely, high raw material costs negatively impact production. The model achieves a Root Mean Squared Error RMSE of 9.75 units month, indicating a good fit for predicting production volume. These findings offer valuable insights for stakeholders aiming to boost local entrepreneurship and economic growth in Delta State. Recommendations include utilizing the model for informed investment decisions, implementing policies that improve electricity access and loan availability for manufacturers, and advocating for initiatives that address sector challenges. Dr. Onwubuya Nwabudike | Mr. Obisue Eddy | Mr. Ogumane Andrew Ä Statistical Model for Boosting Local Manufacturing Entrepreneurship in Delta State, Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-3 , June 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64867.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64867/a-statistical-model-for-boosting-local-manufacturing-entrepreneurship-in-delta-state-nigeria/dr-onwubuya-nwabudike