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Analysis of the Contribution of Agricultural Sector on the Nigerian Economic Development
Article (PDF Available) · January 2011 with 23,245 Reads
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Oji-Okoro Izuchukwu
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Abstract
Agricultural sector is seen as an engine that contributes to the growth of the overall economy of Nigeria, despite these efforts the sector is still characterized with low yields, low level of inputs and limited areas under cultivation due to government dependence on mono-cultural economy based on oil. This paper is an attempt to examine the impact of the agricultural sector on the Nigerian economy. The panel of data used was sourced from the statistical bulletin of the Central Bank of Nigeria and World Bank’s development indicators, multiple regression was used to analyze the data, the result indicated a positive relationship between Gross Domestic Product (GDP) vis a vis domestic saving, government expenditure on agriculture and foreign direct investment between the period of 1986-2007. It was also revealed in the study that 81% of the variation in GDP could be explained by Domestic Savings, Government Expenditure and Foreign Direct Investment. In order to improve the agricultural sector it is recommended that government provides more funding for agricultural universities in Nigeria to carry out researches on all areas of agricultural production this will lead to more exports and improvement in the competitiveness of Nigeria agriculture production in international markets. The Central bank of Nigeria should also come up with a stable policy for loan disbursement to farmers at a reasonable interest payback.
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Citations (62)

References (11)

… Enu (2014) also find a significant impact of agriculture on the Ghana economic growth. Agricultural sector has been the engine of growth and make a critical contribute to the growth of the overall economy (Gardner, 2003;Tiffin and Irz, 2006;Awokuse, 2009;Izuchukwu, 2011). For example, Gardner (2003) found that an increasing in the real output level per worker resulting from the productivity in the agricultural sector growth increases the productivity of labor in the entire economy, and hence increases real income per worker. …
… In the short-run, there is no causality between agricultural value added and GDP per capita as well as between HDI and GDP per capita. In the literature there have been several studies about the contribution of agriculture in economic growth such as Sertoglu et al. (2017), Awokuse (2009); Gardner (2003); Izuchukwu (2011); Tiffin and Irz (2006). They all find that agriculture contribute to the economic growth and development. …
Does Agricultural Sector Contribute to the Economic Growth in Case of Republic of Benin?
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Jan 2018
Aboubakari MOUSSA
View
… In the 1960s, Nigerian economy was majorly driven by the agricultural sector accounting for about 70 percent of the country’s Gross Domestic Products (GDP) and 65-70 percent of the nation’s exports (Olajide, Akinlabi, & Tijani, 2012). The sector has also contributed about 65 percent of employment to the teeming population and accounted for over 90 percent of the total food consumption requirement, thus, contributing significantly to the nation’s food security (Emeka, 2007;Izuchukwu, 2011). Consequently, the agricultural sector was estimated to be the largest contributor to Nigeria’s non-oil foreign earnings (Iganiga & Unemhilin, 2011). …
… CBN also offers technical support and incentive to banks to reduce risk in lending. Despite the enormous resources committed to the agricultural sector by the Federal Government through the various formal credit institutions, schemes, policies, and programmes, the performance of the sector is still below average as the sector cannot supply domestic food requirement, raw materials for agro-allied industries, and generate enough foreign exchange via exports (Izuchukwu, 2011;Awe, 2013;Olomola & Yaro, 2015). The sector remains undercapitalized; most farmers are unable to secure the equity capital required for expansion of operations and modernization of their enterprises, while the phobia among banks in lending to the sector is still in existence, despite the policy initiatives to address the situation (Olomola & Yaro, 2015). …
Agricultural Credit and Economic Growth in Nigeria
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Mar 2019
Teniola Abosede AdesanyaOlufunmilayo Adekemi Ajala
View
… According to Izuchukwu (2011), agriculture has been an important sector in the Nigerian economy in the past decades, and is still a major sector despite the oil boom. Basically, it provides employment opportunities for the teeming population, eradicate poverty and contributes to the growth of the economy. …
Impact of Fiscal Policy on Agricultural Productivity in Nigeria: An Empirical Analysis
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Mar 2019
OJIYA E.A.ANI E.C.OKOH S.A.
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… Agricultural sector has a significant contributor to the economy of a developing country, especially in terms of employment generation and national output (Izuchukwu, 2011). In the study he found that there is a positive relationship between Gross Domestic Product (GDP) and the three independent variables (Domestic Saving, Government Expenditure on Agriculture and Foreign Direct Investment on Agriculture). …
FOREIGN DIRECT INVESTMENT IN BANGLADESH: ANALYSIS OF SECTOR WISE IMPACT ON ECONOMY
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Nov 2018
M E Hossain

Israth SultanaS Uddin

Md. Ibrahim
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… Agriculture continues to be one of the most important drivers of poverty reduction and the bedrock for economic growth, especially for the billions of people in developing countries. In agriculture-based countries, the sector generates, on average 29% of the gross domestic product (GDP) and employs 65% of the labor force [1]. Three-quarters of the world’s poor live in rural areas, particularly in Asia and Africa [2], and depend on agriculture as their primary source of livelihood. …
Analysis of Occupational Hazards and Poverty Profile among Cassava Processors in Oyo State, Nigeria
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Feb 2019

Adebusola AdepojuJ. O. OladeeboA. S. Toromade
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Show abstract
… Agricultural sector has a significant contributor to the economy of a developing country, especially in terms of employment generation and national output (Izuchukwu, 2011). In the study he found that there is a positive relationship between Gross Domestic Product (GDP) and the three independent variables (Domestic Saving, Government Expenditure on Agriculture and Foreign Direct Investment on Agriculture). …
FOREIGN DIRECT INVESTMENT IN BANGLADESH: ANALYSIS OF SECTOR WISE IMPACT ON ECONOMY
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Impact of Agricultural Financing on Nigeria Economy
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An empirical evaluation of the impact of Dutch disease on the Nigerian agricultural sector (1981-2016)
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Adamu Jibrilla
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ANALYSIS OF DETERMINANTS OF FARM SIZE PRODUCTIVITY AMONG SMALL-HOLDER TOBACCO FARMERS IN NIGERIA USING OYO STATE AS CASE STUDY
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