THE IMPACT FROM THE AGRICULTURAL SECTOR ON NIGERIA ECONOMIC GROWTH PERFORMANCE (1980-2009)

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 THE IMPACT FROM THE AGRICULTURAL SECTOR ON NIGERIA ECONOMIC PROGRESS PERFORMANCE 1980-2009 Essay

THE IMPACT FROM THE AGRICULTURAL SECTOR ON NIGERIA ECONOMIC DEVELOPMENT PERFORMANCE (1980-2009)

ABSTRACT

The study set out to determine the extent to which Farming sector has contributed to the expansion of Nigerian economy via 1980 to 2009. As being a guide to the analysis, the following ideas were formulated: (1) you cannot find any statistical relevance between Nigerian agricultural output and real gross home-based product (2) there is no record significance romantic relationship between exchange rate varying and genuine gross domestic product in Nigeria. The normal least pieces estimation approach (OLS) utilized to estimation the econometric times series data. Studies show that agricultural creation exerted an important positive affect on genuine gross product during the study period. Nevertheless , variations in the official exchange rate was not important factor describing the trend of agricultural outcome in Nigeria. The study consequently recommends that.

PART ONE

INTRO

1: you Background with the Study

The Nigerian overall economy has experienced several problems over the years. Method to obtain these difficulties include: gross mismanagement/mis appropriation of community funds, problem and inadequate economic plans, lack of integration of macroeconomic plans and the absence of harmonization and skill of financial policies; inappropriate and inadequate policies; unwise public spending and weak sectoral addition; as well as monoculture economy. It really is evident that you of Nigeria's greatest concerns today is a inability to efficiently administrator her tremendous human and material diathesis (Anyanwu; 2OO7). Agriculture in Nigeria is considered the most dominant sector and major source of sustenance for the majority from the population. It accounts for about 70% of employment, and inspite of this kind of, Binswanger, etal (1999) say it has not really been able to achieve the major aims of agricultural development that this World Traditional bank (1997) discovered to include (I) Increase meals production and firm salary (ii) help to make household food, vvater, and energy secure and (iii) restore and look after the universo resources. They stated additional that the failure of farming to meet these objectives is a result of limited utilization of purchased advices and mechanization occasioned by lip companies being paid out to gardening sector by politicians through the years. However , the area of culture in Nigeria's economy has always been critical over the decades seeing that her personal independence. Before the political crises of 1967-70, agricultural sector's positive contribution to the overall economy were instrumental to keeping economic development and balance. The bulks of foods consumed then were in your area produced, thus conserving the scarce forex resources that will have been spent on importing this kind of foodstuff. The stability in growth of agricultural foreign trade was responsible for the favourable balance of trade registered by the country within that period. More so, the primary control industries attained regular supplies of unprocessed trash from the farming sector and so, helped to supply some appealing linkages among agriculture as well as the rest of the economy. Further more, substantial amount of capital were derived from the agricultural sector and build up of marketing surpluses, which were utilized to finance a large number of development jobs. Interestingly, Nigeria is blessed with immense natural resources. She is gifted with substantial land and human resources. Offered statistics disclose that Nigeria has a total area of regarding 91. three or more million acres of land. Out of the, only I million hectares under meadows and pastures. The remaining 43. 4 , 000, 000 hectares are either forest and wood land or perhaps unclassified CBN (2007). Those who claim to know the most about finance believe that rapid growth and development cannot be possible for virtually any country that provides no series attention to farming development Zuvekas (1991). However, the breakthrough of petrol in industrial quantity in the centre sixties in conjunction with the essential oil...


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