Agricultural Investment and Economic Growth Nexus Implication for Policy Rework.
Year: 2019
Type: article
Abstract: The role of agricultural development in economic progress of developing economies has continuously earned the attention of economists and policy makers. This assertion may not be unconnected to the fact that a large chunk of people within developing economies are largely subsistent farmers. Hence, an effort at turning the sector into a significant growth propelling one requires attraction of funds from surplus spending units to our ill developed agric sector. This study investigated the role of Agricultural investment on economic growth in Nigeria using annual time series data obtained from secondary sources, spanning over a period of 35 years between 1983-2017. The data was subjected to various tests, while analysis was done using Johansen Co-integration test before the error correction model was developed and analysed.The result of the data analysis indicated that public investment in Agriculture has a negative insignificant impact on economic growth in Nigeria while private investment has a positive significant impact on poverty in Nigeria. The study also found foreign private investment in agriculture to be unsustainable to agricultural development. The study recommended that government should expand public investment in Infrastructure and R&D in order to motivate the private sector to participate fully and those broad based policies should be designed for optimal economic growth experience.
Institution: Plateau State University
Language: English
Domain: Life Sciences
Open Access status: green
OpenAlex ID: W7203971395