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The real (inflation adjusted) gross domestic product of Nigeria is studied here by Principal Component Method. A realization of the series from the first quarter of 2018 to the third quarter of 2019 is analyzed using minitab 17 software. Both the correlation matrix and the covariance matrix are used. Eigen analysis of both matrices suggest that the...
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Background: The Central Bank of Nigeria has itemized Nigerian real Gross Domestic Product (GDP) into the following: crop production, livestock, forestry, fishing, crude petroleum and natural gas, solid minerals, manufacturing, construction, trade, transport, information and communication, utilities, accommodation and food services, finance and insu...