Influence of economic environment on the performance of cement manufacturing companies in Nigeria

Abstract

Many experts are concerned about the necessity to look into what causes the performance of cement manufacturing businesses in Nigeria to be questionable. Therefore, the study looked into how economic factors impact Nigerian cement manufacturing enterprises' performance. Interest rate, inflation rate, exchange rate, unemployment rate, and economic growth were the economic environmental factors taken into account in this study. The study's descriptive and explanatory design and survey methodology were appropriate for achieving its goal. For the 398 sample size considered, primary data were gathered using a standardized questionnaire. In this study, descriptive and inferential analyses were both completed. Frequency tables and charts were used to analyze the data collected in a descriptive manner. The Statistical Package for Social Science (SPSS), which produced the correlation and regression results, was used to conduct the inferential analysis. The results showed that all economic and environmental factors significantly affect how well cement manufacturing enterprises function in Nigeria. The original finding of this study is that the performance of Nigerian cement manufacturing enterprises is most significantly influenced by economic factors, specifically currency rates. With these findings, the study came to the conclusion that economic considerations had a favorable impact on the performance of Nigerian cement manufacturing enterprises. Therefore, it is recommended that cement manufacturing businesses, among other things, should be more aware of the economic indicators that could affect their performance through ongoing feasibility studies on alternative economic indicators in the industry.