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The Contribution of Agricultural Sector on Economic Growth of Nigeria

Author

Listed:
  • Kamil Serto lu

    (Eastern Mediterranean University, North Cyprus,)

  • Sevin Ugural

    (Eastern Mediterranean University, North Cyprus,)

  • Festus Victor Bekun

    (Eastern Mediterranean University, North Cyprus)

Abstract

Agriculture is a panacea for economic growth (Myrdal, 1897). The battle for long-run economic growth is either won or lost in the agricultural sector. However, how this path births economic prosperity has been the subject of debates among economist and development scholars. This study empirically examines the impact of agricultural sector on the economic growth of Nigeria, using time series data from 1981 to 2013. Findings revealed that real gross domestic product, agricultural output and oil rents have a long-run equilibrium relationship. Vector error correction model result shows that, the speed of adjustment of the variables towards their long run equilibrium path was low, though agricultural output had a positive impact on economic growth. It was recommended that, the government and policy makers should embark on diversification and enhance more allocation in terms of budgeting to the agricultural sector.

Suggested Citation

  • Kamil Serto lu & Sevin Ugural & Festus Victor Bekun, 2017. "The Contribution of Agricultural Sector on Economic Growth of Nigeria," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 547-552.
    • Handle: RePEc:eco:journ1:2017-01-69
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    Citations

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    Cited by:

    1. Mamba, Essotanam & Ali, Essossinam, 2022. "Do agricultural exports enhance agricultural (economic) growth? Lessons from ECOWAS countries," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 257-267.
    2. Olawumi Abeni Osundina & Festus Victor Bekun & Dervis Kirikkaleli & Mary Oluwatoyin Agboola, 2019. "Does the twin growth catalyst of oil rent seeking and agriculture exhibit complementary or substitute role? New perspective from a West African country," Letters in Spatial and Resource Sciences, Springer, vol. 12(3), pages 187-197, December.
    3. Mary O. Agboola & Festus V. Bekun, 2019. "Does Agricultural Value Added Induce Environmental Degradation? Empirical Evidence from an Agrarian Country," Working Papers of the African Governance and Development Institute. 19/040, African Governance and Development Institute..
    4. R. Ogunniyi, Olajumoke & Abiodun Okunlola, Funso & A. Alatise, Michael, 2021. "Intra-Africa Agricultural Trade And Hunger Reduction: Africa Economic Analysis," Ilorin Journal of Economic Policy, Department of Economics, University of Ilorin, vol. 8(3), pages 36-52, June.
    5. Eze Simpson Osuagwu, 2020. "Empirical Evidence of a Long-Run Relationship Between Agriculture and Manufacturing Industry Output in Nigeria," SAGE Open, , vol. 10(1), pages 21582440198, January.
    6. Simi Goyol & Chaminda Pathirage, 2018. "Farmers Perceptions of Climate Change Related Events in Shendam and Riyom, Nigeria," Economies, MDPI, vol. 6(4), pages 1-26, December.
    7. Daniel Francois Meyer, 2019. "An Assessment Of The Importance Of The Agricultural Sector On Economic Growth And Development In South Africa," Proceedings of International Academic Conferences 9912288, International Institute of Social and Economic Sciences.
    8. Antonín Vaishar & Milada Šťastná & Hilda Kramáreková, 2022. "Moravian–Slovak Borderland: Possibilities for Rural Development," Sustainability, MDPI, vol. 14(6), pages 1-16, March.
    9. Olukunle Samuel Olaniran & Olusola Olakunle Ogunjinmi, 2022. "Modelling the Impacts of Agricultural Outputs and its Components on Human Mortality Rate in Nigeria," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 11(1), pages 146-160, January.
    10. Nooshin Karimi Alavijeh & Nasrin Salehnia & Narges Salehnia & Matheus Koengkan, 2023. "The effects of agricultural development on CO2 emissions: empirical evidence from the most populous developing countries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(10), pages 12011-12031, October.
    11. Mamoudou Camara, 2023. "How do Natural Resource Abundance and Agriculture Affect Economic Growth in Guinea?," International Journal of Economics and Financial Issues, Econjournals, vol. 13(3), pages 109-116, May.
    12. Abda Abdalla Emam & Amal Saeed Abass & Nagat Ahmed Elmulthum & Mutasim Elrasheed, 2021. "Status and Prospects of Agricultural Growth Domestic Product in the Kingdom of Saudi Arabia," SAGE Open, , vol. 11(1), pages 21582440211, March.
    13. Runganga, Raynold & Mhaka, Simbarashe, 2021. "Impact of Agricultural Production on Economic Growth in Zimbabwe," MPRA Paper 106988, University Library of Munich, Germany.
    14. Kouakou Kouakou, Paul-Alfred, 2020. "Role of trade in natural rubber and palm oil in the composition of GDP in Ivory Coast," Agricultural and Resource Economics: International Scientific E-Journal, Agricultural and Resource Economics: International Scientific E-Journal, vol. 6(3), September.
    15. Vijay Kumar, 2021. "What Customer Wants to Read in Your Proposal," European Journal of Marketing and Economics Articles, Revistia Research and Publishing, vol. 4, July -Dec.
    16. Ime Okon Utuk & Boniface Linus Akpan & Ededet Bassey Eduno & Aniefiok Benedict Udo, 2023. "Agricultural Export and Economic Growth in Nigeria: Does Agriculutre Value Added Matter?," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(11), pages 880-892, November.
    17. Festus Victor Bekun & Seyi Saint Akadiri, 2019. "Poverty and Agriculture in Southern Africa Revisited: A Panel Causality Perspective," SAGE Open, , vol. 9(1), pages 21582440198, February.
    18. Gniniguè, Moukpè & Abalo, Bidé Félicité Awoki & Paroubénim, Tchilalo & Heyou, Méhèza Reine, 2022. "The Impact of Agricultural Structural Transformation on Economic Growth in Africa," African Journal of Economic Review, African Journal of Economic Review, vol. 10(2), March.
    19. Agnė Žičkienė & Rasa Melnikienė & Mangirdas Morkūnas & Artiom Volkov, 2022. "CAP Direct Payments and Economic Resilience of Agriculture: Impact Assessment," Sustainability, MDPI, vol. 14(17), pages 1-24, August.
    20. Joseph Phiri & Karel Malec & Socrates Kraido Majune & Seth Nana Kwame Appiah-Kubi & Zdeňka Gebeltová & Mansoor Maitah & Kamil Maitah & Kamal Tasiu Abdullahi, 2020. "Agriculture as a Determinant of Zambian Economic Sustainability," Sustainability, MDPI, vol. 12(11), pages 1-14, June.
    21. Ndekwa, Alberto Gabriel & Kalugendo, Elizeus & Sood, Kiran & Grima, Simon, 2023. "An Analysis of Agribusiness Digitalisation Transformation of the Sub-Saharan African Countries Small-Scale Farmers' Production Distribution," Research on World Agricultural Economy, Nan Yang Academy of Sciences Pte Ltd (NASS), vol. 4(3), September.
    22. Achmad Faqih & Mukarto Siswoyo, 2020. "Regressing climate change, agricultural growth and food production on economic sustainability: gathering and analyzing data for ASEAN countries," Post-Print hal-03121067, HAL.
    23. Zhang, Qiwen & Ntom Udemba, Edmund, 2023. "Comparative analysis of two resources-based economies: A study of policy recommendation toward sustainable development," Resources Policy, Elsevier, vol. 80(C).
    24. Artiom Volkov & Agnė Žičkienė & Mangirdas Morkunas & Tomas Baležentis & Erika Ribašauskienė & Dalia Streimikiene, 2021. "A Multi-Criteria Approach for Assessing the Economic Resilience of Agriculture: The Case of Lithuania," Sustainability, MDPI, vol. 13(4), pages 1-16, February.

    More about this item

    Keywords

    Agriculture; Economic Growth; Time Series; Cointegration and Vector Error Correction Model;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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