Agricultural Policies and Economic Growth in Nigeria
Agricultural Policies and Economic Growth in Nigeria
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Abstract on Agricultural Policies and Economic Growth in Nigeria
This study assesses the impact of agricultural policies and development on economic growth in Nigeria. The data used in this study was collected from secondary data which covers about 33 years. Unit root, ordinary least square and co-integration estimating technique of data analysis was used in evaluating the secondary data. GDP was used as a proxy to economic growth, while interest rate, and government re-current and capital expenditure on agriculture were used as indicators of agricultural policies. From the findings; Re-current expenditure on agriculture and GDP are positively related, government capital expenditure on agriculture and interest rate and GDP was negatively related. It was found that a negative relationship exist between agricultural policies and the economic growth in Nigeria. The findings also revealed that the sector still encounter some problems like poor formulation and implementation of policies. Therefore, the study recommends that it is imperative for the country to develop its agricultural sector through sufficient government spending in order to set-up its economic growth. It emphasizes the need to enlighten farmers, improve and provide infrastructures, accord a priority to the sector in budget allocation, enthrone adequate and appropriate extension services, among other measures laid by the government.
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