Международный журнал экономики и менеджмента

Nigerian Economic Growth and Recovery: Role of Agriculture

Abstract

Biwet Mwanret Inusa, Pewam Calvin Daniel, Dangyil Fidelis dayagal and Nyamdu Stephen Chiya

This research paper investigates the impact of agriculture on economic growth of Nigeria, considering the impact it will have to ensure the achievement of economic growth and recovery, from the devastating effects recession had on the economy from 2016 to the second quarter of 2017. Using Ordinary Least Squares (OLS) regression technique at 5% level of significance, it was discovered that exchange rate has positively and significantly impacted on agricultural output. Loans and advances, and total savings were also discovered to have significantly impacted agricultural output as a component of GDP. Based on the findings, the paper recommends that: moral suasion as a monetary policy be exercised, agricultural inputs be largely sourced locally and foreign exchange be made favorable, corruption that has eaten deep into the fabric of the society be effectively checked in the sector, government allocation to the sector be increased at the same time be monitored to ensure prudency in its usage, and finally government should encourage public private partnership in agriculture, for the achievement of stated goals.