Evaluation of Technology Usage and Financial Performance of Selected Manufacturing Paint Sector in Nigeria

Evidence from the report revealed that the relevance of manufacturing firms to sustainable economic development cannot be overemphasized, and the recent increase in technological usage is expected to enhance the operational efficiency of a manufacturing firm. Due to lack of knowledge about the benefits of using technology in day-to-day operations, one of the challenges faced by manufacturing firms in developing countries is the use of technology to increase productivity and performance. The rate at which technology usage can solve inherent problems, such as time and cost overruns, inefficiency, safety and quality issues in manufacturing firms, has drawn increasing interest from both practitioners and academics over the past decade, and is worthy of exploration. This study assesses determinant factors of technology usage and their effects on the performance of the selected manufacturing paint sector in Nigeria. Both primary and secondary data was employed. The collected data was analyzed using descriptive tools such as percentages and tables, as well as inferential statistical analysis using panel regression analysis. All the study hypotheses were tested at a 95% confidence level. The study concluded that firm size, cost of technology deployment, industry environment, technology progress, market demand, and perceived benefit are determinant factors of technology usage and significantly influence the financial performance of selected manufacturing paint sector. It is recommended that the manufacturing paint sector put more effort into developing mechanisms that can strengthen the full usage of technology, such as investment in modern technologies and capacity-building of human resources.