THE IMPACT OF THE AGRICULTURAL SECTOR ON NIGERIA ECONOMIC GROWTH PERFORMANCE (1980-2009)
THE IMPACT OF THE AGRICULTURAL SECTOR ON NIGERIA ECONOMIC GROWTH PERFORMANCE (1980-2009)
ABSTRACT
The study set out to ascertain the extent to which Agricultural sector has contributed to the growth of Nigerian economy from 1980 to 2009. As a guide to the study, the following hypotheses were formulated: (1) there is no statistical significance between Nigerian agricultural output and real gross domestic product (2) there is no statistical significance relationship between exchange rate fluctuation and real gross domestic product in Nigeria. The ordinary least squares estimation technique (OLS) was used to estimate the econometric times series data. Findings show that agricultural production exerted a significant positive influence on real gross product during the study period. However, variations in the official exchange rate was not important factor explaining the trend of agricultural output in Nigeria. The study therefore recommends that. CHAPTER ONE
INTRODUCTION
1:1 Background of the Study
The Nigerian economy has faced several challenges over the years. Source of these challenges include: gross mismanagement/mis appropriation of public funds, corruption and ineffective economic policies, lack of integration of macroeconomic plans and the absence of harmonization and coordination of fiscal policies; inappropriate and ineffective policies; imprudent public spending and weak sectoral linkage; as well as monoculture economy. It is evident that one of Nigeria’s greatest problems today is the inability to efficiently manager her enormous human and material endowment (Anyanwu; 2OO7).
Agriculture in Nigeria is the most dominant sector and major source of livelihood for the majority of the population. It accounts for about 70% of employment, and inspite of this, Binswanger, etal (1999) say it has not been able to achieve the major objectives of agricultural development which the World Bank (1997) identified to include (I) Increase food production and
ABSTRACT
The study set out to ascertain the extent to which Agricultural sector has contributed to the growth of Nigerian economy from 1980 to 2009. As a guide to the study, the following hypotheses were formulated: (1) there is no statistical significance between Nigerian agricultural output and real gross domestic product (2) there is no statistical significance relationship between exchange rate fluctuation and real gross domestic product in Nigeria. The ordinary least squares estimation technique (OLS) was used to estimate the econometric times series data. Findings show that agricultural production exerted a significant positive influence on real gross product during the study period. However, variations in the official exchange rate was not important factor explaining the trend of agricultural output in Nigeria. The study therefore recommends that. CHAPTER ONE
INTRODUCTION
1:1 Background of the Study
The Nigerian economy has faced several challenges over the years. Source of these challenges include: gross mismanagement/mis appropriation of public funds, corruption and ineffective economic policies, lack of integration of macroeconomic plans and the absence of harmonization and coordination of fiscal policies; inappropriate and ineffective policies; imprudent public spending and weak sectoral linkage; as well as monoculture economy. It is evident that one of Nigeria’s greatest problems today is the inability to efficiently manager her enormous human and material endowment (Anyanwu; 2OO7).
Agriculture in Nigeria is the most dominant sector and major source of livelihood for the majority of the population. It accounts for about 70% of employment, and inspite of this, Binswanger, etal (1999) say it has not been able to achieve the major objectives of agricultural development which the World Bank (1997) identified to include (I) Increase food production and