The Impact of Agricultural Export on the Economic Growth of Nigeria

Description

– The Impact of Agricultural Export on the Economic Growth of Nigeria –

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Abstract

This study focused on the growth of the agricultural sector of the Nigerian Economy. A key policy objective of sustainable economic development especially in any developing country like Nigeria is to establish an agricultural sector that is both economically efficient and sustainable.

However, this depends significantly on the full utilization of such resources. This research work adopts an econometric approach to evaluate both the impact and the sustainability of economic growth in Nigeria.

The regression result and co-integration test show that agricultural exports on Nigeria’s economic growth impact positively on the economy but also sustainable.

On the other hand, the research work equally reveals that the agricultural sector decline since the discovery of oil. Finally, the research work offers some policy recommendations for effective planning, management, and development of the agricultural sector in Nigeria.

Introduction

1.1 Background of the Study

All over the world, Nigeria inclusive, Agriculture is tied with various sectors and is essential for generating broad-based growth necessary for Economic growth and development.

It is fundamental to the sustenance of life and is the bedrock of economic growth especially in the provision of adequate and nutritious food so vital for human development and raw materials for industries. Agriculture has played and will continue to play a key role in the Nigerian economy.

The sector holds the key to rapid economic transformation, poverty alleviation, stable democracy, and good governance. There is no national security without food security. Economic growth is “a gradual and steady change in the long run which comes by a gradual increase in the rate of saving and population” (Schumpeter 2005).

The gross domestic product is the monetary value of goods and services which serve as a major growth (economic) indicator. This presupposes that all sectors of an economy make their inputs to the economic growth of the economy. Agriculture is one of such sectors (Yakubu, 2006).

Agriculture was the in-thing in Nigeria’s pre-crude oil era. In every region of the country, one cash crop or the other was yielding foreign currencies enough to make the people happy and make the country meet its obligations to the international community.

But with the discovery of oil and its exploitation in commercial quantity, agriculture was neglected despite the fact that a long chunk of the population was still involved in agriculture, albeit at a restrained pace. (Tell Nigeria, 2008).

A retrospective looks into the Nigerian economy and its development reveals that agriculture was both the mainstay of the Nigerian economy and chief foreign exchange earner.

It provided employment for a large number of ofNigerians. (Chigbu, 2005). The principal constraint to the growth of the agricultural sector is the fact that the structure and method of production have remained the same since independence more than four decades ago, (Ukeje 2005).

The United Nations food and agriculture organization rate the productivity of Nigerians farmland as low to medium; but with medium to good productivity, if properly managed, (Needs, 2004).

The decline in domestic output and the poor export performance has largely been blamed on both internal and external factors. Ogbu (1991) attributed the problem mainly to the poor macro – and sectoral economic policy environment and the consequent deterioration in the domestic terms of trade against agricultural sector.

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