Agricultural Sector Output and Economic Growth Sustainability in Nigeria

Abstract:

This study examined the impact of agricultural sector output on economic growth and sustainability in Nigeria. The data for the study were extracted from the Central Bank of Nigeria (CBN) Statistical Bulletin. The methodology adopted in the research is linear regression with the application of the Ordinary Least Squares (OLS) Technique. The E-views 10 was the econometric software used for the research. The major findings of the study reveal that agricultural output contributes negatively and insignificantly to economic growth, government agricultural expenditures contribute negatively and insignificantly to economic growth, rainfall contributes negatively and insignificantly to economic growth and foreign direct investment in the agricultural sector contributes negatively and insignificantly to economic growth. It is therefore the recommendation of this paper that the government of Nigeria should encourage farmers by giving soft loans for agricultural activities. This will help farmers meet with financial needs in terms of purchasing some seeds, hiring machines, etc. thereby boosting massive agricultural production in Nigeria.