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Impact of interest rate reform on agricultural finance and growth in Nigeria

Author

Listed:
  • ONYISHI L.O.

    (University Of Nigeria)

  • ARENE C.J.

    (University Of Nigeria)

  • IFIORAH C.M.

    (University Of Nigeria)

Abstract

The study examined the impact of interest rate reform on agricultural finance and growth in Nigeria. The study specifically ascertained the factors that determine the aggregate credit volume to agriculture within the periods of regulation and deregulation in the Nigerian economy; and determined the periodic effects of macroeconomic financial indicators on Agriculture’s gross domestic product contribution to the Nigerian economy. Descriptive statistics, Ordinary Least Squares regression technique and Autoregressive Distributed Lag model were used for data analysis. The chow test showed that there was a significant differential impact on the aggregate credit volume to agricultural sector between the regulated and deregulated regimes. Interest rate was an important determinant of aggregate credit volume to the agricultural sector in Nigeria, especially during the deregulated period but monetary authorities should ensure appropriate determination of interest rate level that will break the double-edge effect of interest rates on savers and investors.

Suggested Citation

  • Onyishi L.O. & Arene C.J. & Ifiorah C.M., 2015. "Impact of interest rate reform on agricultural finance and growth in Nigeria," Russian Journal of Agricultural and Socio-Economic Sciences, CyberLeninka;Редакция журнала Russian Journal of Agricultural and Socio-Economic Sciences, vol. 37(1), pages 29-37.
    • Handle: RePEc:scn:031261:16082012
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