An Empirical Analysis of Agricultural Production: The Sway of Economic Growth in Nigeria
Downloads
The study examined the impact of agricultural output on economic growth in Nigeria from 1985 to 2015. The econometrics methods of Ordinary Least Squares, Co-integration, and Granger causality test were employed as the main analytical techniques. The Co-integration results revealed that there exists a long-run relationship between the variables. The short run regression result revealed that Commercial Banks' credit to the agricultural sector and the interest rate has a significant relationship with economic growth in Nigeria during the period of study. While, agricultural output has no significant relationship with economic growth in Nigeria during the studied period. The study therefore concluded that suitable or effective agricultural output enhancement policy should be put in place by the government. There should be appropriate interest rate policies that would bring about the stability of the economy and economic growth. Without agricultural produce to keep the people alive as well as lubricating our machines with agricultural oil, there can be no growth. Everything is sustained by agriculture and without it, there shall be no true living. Also, conscious efforts should be made by the monetary authorities with the emphasis on funding agriculture in order to increase economic growth in Nigeria. This can be achieved if the government avoids mismanagement, and diversifies the economy.
Akpakpan E. B. (1987). Crossroads in Nigerian Development. Port Harcourt: New Generation Publishers
Akpakpan E. B. (1999) The Economy Towards a New Type of Economics. Port Harcourt: Belport publishers.
Aluko, S. (2004). Making Natural Resources into A Blessing Rather Than A Curse: In Covering Oil. A Reporter's Guide to Energy and Development. Open Society Institute, 4(38): 96-114.
Central Bank of Nigeria (2000) Annual Report and Statement of Account. Abuja, Nigeria.
Central Bank of Nigeria (2000) Statistical Bulletin Vol. 11, Number 2, Abuja, Nigeria.
Central Bank of Nigeria (2000) The Changing Structure of the Nigerian Economy and Implications for Development. Lagos; Realm Communications Ltd.
Central Bank of Nigeria (2007) Annual Report and Statement of Accounts. Abuja, Nigeria
Chauvin, M (1993). Development and Cooperatives: Three Decades of Developments Failure, But No Ground for Despair. The Courier, 3(137):58-61.
Chauvin, N., Mulangu, F. & Porto, G. (2012, February). Food Production and Consumption Trends in Sub-Saharan Africa: Prospects for the Transformation of the Agricultural Sector. UNDP Working Paper for African Human Development Report, 2(18):1-74.
Christiansen, L., L. Demery and J. Kuhl, (2007). The Role of Agriculture in Poverty Reduction: An Empirical Perspective. World Bank Policy Research Working Paper 4013, September.
Enoma, A (2010) Agricultural Credit and Economic Growth in Nigeria: An Empirical Analysis. Business and Economics Journal, 2(110):4-22.
Essien, A. and Effiong, J. (2010). Economic Implications of Fish Landings in Nigeria: A Case Study of Ayadehe And Oku Iboko Fishing Communities in Itu Local Government Area of Akwa Ibom State, Nigeria. International Journal of Economic Development Research and investment, 1(2&3):10.
Falola, T. & Heaton, M. (2008). A History of Nigeria. New York: Cambridge University Press.
Federal Ministry of Agriculture and Rural Development (FMARD) (2012): Report of the National Committee on Marketing Problems of Farmers in Nigeria.
Gabriel, et al. (2007). Food Production versus Biodiversity: Comparing Organic and Conventional Agriculture. Journal of Applied Ecology, 50(13):317-328.
Granger, C.W.J (1969), Investigating Causal Relations by Econometric Models and Cross-Spectral Methods. Journal of the econometric society, 3(37): 424- 438.
Gujarati, D (2007). Basic Econometrics; Fourth Edition. New Delhi: McGraw- Hill.
Ihegboro, I. (2014) The Impact of Agricultural Credit On Agricultural Productivity In Nigeria. International Journal of Tropical Agriculture 1(27):11-13.
Iyoha, M. & Oriakhi, D. (2002). Explaining African Economic Growth Performance: The Case of Nigeria. Revised Interim Report on Nigerian Case Study prepared for the African Economic Research Consortium Research Project titled "Explaining African Economic Growth Performance".
Jadalla, A. et. Al (2013) The Impact of Independent Variables On Performance Of Agricultural Extension Management In Eastern Libya: Toward Reorganization For Sustainable Agricultural Development. International Journal of Economics and Management Systems, 4(2):155-159.
Jhingan, M.L. (2005). The Economics of Development and Planning 38th ed. New Delhi; Vrinda Publication.
Jibowo, A.A. (2005). History of Agricultural Extension in Nigeria. Agricultural Extension Society of Nigeria. 5(251):1-12.
Kerlinger, F.N. (1973), Foundations of Behavioural Research Techniques in Business and Economics Eleventh Edition. Boston: McGraw Hill.
Lawal, W.A. (2011). An Analysis of Government Spending on Agricultural Sector and Its Contribution to GDP in Nigeria. International Journal of Business and Social Science, 2(20):244-250.
Lewis, W. A. (1954). Economic Development with Unlimited Supplies of Labour. The Manchester School. 22: 139–91
Lipton, M. (2012). Learning from Others: Increasing Agricultural Productivity for Human Development in Sub-Saharan. United Nations Development Programme, Regional. Bureau for Africa.
http://web.undp.org/africa/knowledge/WP-2012-007-Lipton- AgricultureProductivity.pdf.
Manyong, V.M., et. al (2005) Agriculture In Nigeria: Identifying Opportunities for Increased Commercialization and Investment. CBN Economic and Financial Review, Vol. 39 No. 1, March.
Matthew, A. and Adegboye, B. (2010) The Agricultural Sector And Economic Development: The Nigerian Experience. Winrock International Institute for Agricultural Development, 5(92):167-174.
Muhammad-Lawal, A. & Atte, O. (2006). An Analysis of Agricultural Production in Nigeria. African Journal of General Agriculture, 2 (1):154- 163.
Nnamocha, P.N. and Charles N. E. (2015) Bank Credit and Agricultural Output in Nigeria (1970 – 2013): An Error Correction Model (ECM) Approach. British Journal of Economics, Management & Trade, 10(2): 1-12.
Nzeka, U. (2013). Grain and Feed Annual; Annual Report 2013. USDA Foreign Agricultural Service.
http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Grain%20and%20Feed%20Annual _Lagos_Nigeria_5-23-2013.pdf: USDA
Ojeka G.O. et. Al (2016) Constraints to Agricultural Development In Nigeria. International Journal of Development and Economic Sustainability, 4(2):1-15.
Ojiako, A. and Olayode, G. (2008). Analysis of Trends In Livestock Production In Nigeria:1970-2005. Journal of Agricultural and Social Research. 8(1):114-120.
Olajide, O. et al. (2012). Agricultural Resource and Economic Growth in Nigeria. European Scientific Journal, 8 (22): 103-115.
Olawoye, J. E. and Ogunfiditimi, T.O (1989). Multi-Dimensional Approaches to the Measurement of Development. Technical paper. Dept. of Agric. Extension Services, University of Ibadan, (12).
Oni, T.O. (2013) Challenges and Prospects of Agriculture in Nigeria: The Way Forward. Journal of Economics and Sustainable Development 4(16): 2222-2855.
Onwumere, J.U.J (2005), Business and Economic Research Method. Lagos: Don- Vinton Limited.
Otaha, J. (2012). Dutch Disease and Nigeria Oil Economy. African Research Review, 6 (1): 82-90.
Oyinbo, O. and Rekwot. G. Z (2014) Agricultural Production and Economic Growth in Nigeria: Implication for Rural Poverty Alleviation. Quarterly Journal of International Agriculture, 3(53):207-223.
Sanusi, L. S. (2010). Growth Prospects for the Nigerian Economy. Convocation Lecture delivered at the Igbinedion University Eighth Convocation: Research Department, Central Bank of Nigeria.
Sekunmade, A. (2009). The effects of petroleum dependency on agricultural trade in Nigeria: An error correlation modelling (ECM) approach. Scientific Research and Essay, 4 (11):1385-1391.
Titus, O. (2008) Does Agriculture Really Matter for Economic Growth in Developing Countries? Selected Paper prepared for presentation at the American Agricultural Economics Association Annual Meeting, Milwaukee, WI, July 28, 2009.
Williams, S. K. T. (1981) Structures and Organization of Agricultural Extension Services in Nigeria. An Invited Paper Presented at the Workshop on Utilization of Agricultural Research Results in Nigeria. Bakersu, July 1991.
Yakub, M. (2008). The Impact of Oil on Nigeria's Economy: The Boom and Bust Cycles. Bullion Central Bank of Nigeria, 32 (2):41-50.
Yee J, et al. (2002). Sources of Agricultural Producing Growth at The State Level. NC-208 Meeting on Agricultural Productivity Data, Methods and Measures. Washington D.C., University Press.
All Content should be original and unpublished.