Contribution of Agricultural Output on Economic Growth in Nigeria (1985 – 2020)

ABSTRACT

The study investigates the contribution of agricultural output on economic growth in Nigeria from 1985 to 2020. Secondary data collected from central bank, National bureau of statistics where used in the quest of the study. The techniques adopted are descriptive statistics and ordinary least squares method of estimation to estimate the parameters of the model. Variables used are gross domestic product and agricultural growth rate as dependent variable and Crop production, Livestock, Forestry, Fishery, Exchange rate, inflation rate, government expenditure on agriculture and Money supply as independent variables. The research findings from the first model shows that Crop production and Livestock are statistically significant to economic growth while on the other model findings shows that Exchange rate and Money supply are statistically significant to agricultural growth rate. The study recommends provision of the easier access to agricultural loans to the farmers so as to increase the productivity of the agricultural sector. Agriculture as the next crude oil, serious attention by stakeholders in Agricultural sector need to be call upon to put solid policies to drive the sector forward.