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"Ongoing efforts of the current government of the Federal Republic of Nigeria to, through its transformation agenda, diversify the economy and significantly reduce Nigeria’s over-reliance on oil and ultimately become one of the top twenty economies of the world by the year 2020 places agriculture as the main driver to achieve this transformation. The agenda proposes to return the agricultural sector, which prior to the discovery of oil in the 70’s was the stronghold of Nigeria’s economy, to its place of dominance as the leading sector in Nigeria by encouraging investments and increased private sector participation. Successive governments have seemingly failed in their attempts to revive the sector, not only because of their lack of political will or inability to set the right policies and machineries in motion nor the lack of implementation of the few existing right policies but also, largely due to the low level of involvement of the private sector. A large proportion of foreign direct investment (FDI) that Nigeria attracts goes into the extractive (oil and gas) and services sectors (e.g. telecommunications) as against the agricultural sector which is the bastion of its economy. This might suggest the reason why many FDI studies in Nigeria have evaluated its impact on oil sector or the entire economy as a whole. Only a few FDI studies that assessed the impact of FDI on the agricultural sector of Nigeria exist, these studies however, also suffer a flaw; they examined FDI-Agricultural sector relationship with FDI that flowed into the entire economy and not FDI that was specifically obtained in the agricultural sector. This study sought to investigate this prevalent gap in empirical analysis of FDI-Agricultural sector relationship in Nigeria by using one of the most recent and advanced econometric technique known as vector auto regression. This was achieved by evaluating and forecasting the impact of FDI in the agricultural sector from 1980-2007, specifically its impact on agricultural output and labor in a Vector Auto Regression (VAR) environment. Data used in this study was obtained from Central Bank of Nigeria (CBN) statistical bulletin (2009). Results from the analysis revealed that FDI in the period under review had no significant impact on agricultural output while it had a significant positive influence on labor force (employment generation). In addition, results of the forecast estimates show that the current volume of FDI would not significantly affect agricultural output but will have significant positive impact on labor. Recommendation from the conclusion of this research is for an increase in the volume of FDI. Furthermore, the government and other stakeholders are implored to seek FDI that will introduce improved technology into the agricultural sector even if the opportunity cost of a reduction in labor may have to be paid."
Effect of Agricultural Foreign Direct Investment on Economic Growth in Nigeria 1981 -2022
This study investigates the effect of agricultural foreign direct investment (FDI) on economic growth proxy by agricultural GDP in Nigeria between 1981 and 2022. Through a review of the literature, the impacts of agricultural FDI on economic growth in Nigeria are identified. Economic data including agricultural gross domestic product (GDP), agricultural foreign direct investment, exchange rate and inflation rate are collected to determine the extent to which agricultural FDI has influenced economic growth in the country. Descriptive and econometric analyses are conducted to draw conclusions regarding the effects of agricultural FDI on economic growth in Nigeria. The results suggest that agricultural FDI in the have driven economic growth, with a positive and significant influence on GDP growth. Specifically, the results indicate that 1% increase in agricultural FDI is associated with a 0.051% increase in GDP growth. In conclusion, FDI in the agricultural sector has a substantial impact on economic growth in Nigeria and should be encouraged by policy makers in order to achieve higher GDP growth rates.
The Impact of Foreign Direct Investment (FDI) on the performance of the Agricultural Sector in Ghana
The impact of foreign direct investment (FDI) on the economic growth of host economies has attracted significant debate in the literature with empirical evidence being inconclusive. Sectoral analysis was therefore introduced in the literature to understand the heterogenous response of the performance of the various economic sectors to changes in the inflows of FDI as opposed to the impact of the latter on the whole economy. On the sectoral paradigm, very little attention has been given to the agricultural sector which holds the key to food security in the world and poverty reduction in developing economies such as Ghana where the sector employs majority of the active working population. In this respect, our study looked at the impact of FDI on the performance of the agricultural sector in Ghana with data over the period 1980-2013 using Johansen cointegration test. We found that FDI negatively impacts the agricultural sector productivity in the long run but with positive relationship in the short run. We also found that the depreciation of the cedi negatively impacts the growth of the agricultural sector in the long run. Trade openness on the other hand had positive and significant long run impact on the agricultural sector. We recommend that the government harnesses trade relations, stabilizes the local currency and ensures that FDI inflows to agriculture and the entire economy are not harmful to the economy by way of capital and excessive profit repatriations.
Impact of Foreign Direct Investment on Nigeria’s Agricultural Sector (1981 to 2019)
International Journal of Environment, Agriculture and Biotechnology
The need to augment the financial policy interventions of the Central Bank of Nigeria in the agricultural sector is sine qua non. Since agriculture is still the mainstay of Nigeria’s economy, its reliance on foreign direct investment (FDI) ought to be ascertained. Consequently, this study investigated the impact of foreign direct investment on Nigeria’s agricultural sector. Time series data between 1981 and 2019 were obtained from the databases of the Central Bank and Food and Agriculture Organisation. The Augmented Dickey-Fuller test shows that the variables were I(1). Johansen’s co-integration test suggested long-run relationship among the variables. Findings revealed slower acceleration of agricultural productivity (6.28) than FDI (17.99). Also, FDI and exchange rate had statistically significant (p < 0.05) and negative impact on the agricultural productivity, while implicit price deflator for the agricultural sector had statistically significant (p < 0.001) and positive im...
Analysis of the Contribution of Agricultural Sector on the Nigerian Economic Development
Agricultural sector is seen as an engine that contributes to the growth of the overall economy of Nigeria, despite these efforts the sector is still characterized with low yields, low level of inputs and limited areas under cultivation due to government dependence on mono-cultural economy based on oil. This paper is an attempt to examine the impact of the agricultural sector on the Nigerian economy. The panel of data used was sourced from the statistical bulletin of the Central Bank of Nigeria and World Bank's development indicators, multiple regression was used to analyze the data, the result indicated a positive relationship between Gross Domestic Product (GDP) vis a vis domestic saving, government expenditure on agriculture and foreign direct investment between the period of 1986-2007. It was also revealed in the study that 81% of the variation in GDP could be explained by Domestic Savings, Government Expenditure and Foreign Direct Investment. In order to improve the agricultural sector it is recommended that government provides more funding for agricultural universities in Nigeria to carry out researches on all areas of agricultural production this will lead to more exports and improvement in the competitiveness of Nigeria agriculture production in international markets. The Central bank of Nigeria should also come up with a stable policy for loan disbursement to farmers at a reasonable interest payback.
The Impact of Foreign Trade on Growth of Agricultural Output in Nigeria
International Journal of Innovation and Scientific Research, 2015
Every country that is industrialized today passed through agrarian era. In fact, agricultural sector still remains the backbone of the industrial sector. In most developing nations, foreign trade is very central to all facets of economic growth and development which include agriculture. In view of this, the study examined the impact of foreign trade on the growth of agricultural output. In the process, other determinant was also examined. This includes population growth. The study used annual time series data from 1978 to 2008, obtained from the Central Bank of Nigeria (CBN) statistical bulletin. Descriptive statistics, correlation analysis and Newey-West standard error regression model were used to analyse the data. The correlation analysis showed that there is existence of strong relationship between the variables. Results also revealed that petroleum export, food import and population growth rate were the significant factors that influence the growth of agricultural output in Nigeria. The growth of agricultural output was significantly increased by petroleum export and population growth rate but was reduced by food import. It is recommended that the government should introduce suitable foreign food and non-food trade policies and programmes that will positively impact the growth of agricultural output in Nigeria.
Effects of International Trade on the Development of Agriculture in Nigeria
2016
Chtěl bych tímto poděkovat své školitelce prof. Ing. Věře Bečvářové, CSc. nejen za inspiraci, metodické vedení a odborné rady, ale i za vstřícnost a podporu po celou dobu studia. Velmi děkuji také doc. Ing. Petru Blížkovskému, Ph.D. za konzultace, rady a doporučení při zpracování této práce. Mé poděkování patří i všem dalším kolegům z Provozně ekonomické fakulty a Fakulty regionálního rozvoje a mezinárodních studií Mendelovy univerzity v Brně za spolupráci a cenné rady. Rád bych rovněž využil této příležitosti a s úctou vyjádřil své poděkování vládě České republiky za to, že mi poskytla stipendium umožňující absolvovat studium v bakalářském, magisterském i v doktorském stupni na Mendelově univerzitě v Brně. Na tomto místě bych rád poděkoval také své rodině a nejbližším přátelům za jejich podporu při celém mém doktorském studiu. Acknowledgement I would like to thank my Supervisor, Prof. Ing. Věra Bečvářová, Ph.D., for the inspiration, guidance, expert advice and support throughout my studies. I also thank Associate Prof. Ing. Petr Blížkovský, Ph.D., for the consultation, advice and recommendations in this work. My appreciation also goes to all my other colleagues at the Faculty of Business and Economics, and the Faculty of Regional Development and International Studies, Mendel University in Brno for their cooperation and valuable advice. Also, I would like to take this opportunity to express my sincere appreciation to the Government of the Czech Republic for giving me the scholarship to study at Mendel University from undergraduate, graduate to doctoral levels. Finally, I would like also like to thank my family and friends for their support throughout my doctoral studies.
Agricultural Sector Performance and Nigeria’s Economic Growth
Asian Journal of Agricultural Extension, Economics & Sociology, 2017
The study investigated the contribution of agricultural sector output to the growth of domestic economy in Nigeria for the period 1980-2014. Specifically, the study examined the causality between agricultural sector and economic growth, as well as the impact of the sector on the growth of the Nigerian domestic economy. Cointegration test, Vector Error Correction Model (VECM) and Granger causality test were utilized in the analysis. The variables employed in the investigation include real gross domestic product (RGDP), value of agricultural output (VAO), foreign private investment (FPI) and financial development (FD). A stationarity test was conducted through the application of the Augmented Dickey-Fuller (ADF) stationarity test, and the result showed that all the variables except RGDP were non-stationary at level; however, the variables such as VAO, FPI and FD became stationary after first differencing. The cointegration result indicated long run equilibrium relationship among the variables under study. The VECM result on the other hand, showed that value of agricultural output (VAO) has positive and insignificant contribution to real GDP. Thus, it is estimated on average that 1% increase in the value of agricultural sector output (VAO) would lead to 1.9% increase in real GDP. Furthermore, the Pairwise Granger causality result showed that significant causality exist between the two variables, with causality running from agricultural output to RGDP. It therefore, implies that agricultural sector output contributed positively and insignificantly to the growth of Nigerian domestic economy. Therefore, the study
AGRICULTURAL EXPORT AND ECONOMIC GROWTH IN NIGERIA: A MULTIVARIATE JOHANSEN COINTEGRATION ANALYSIS
This paper analyzed the relationship between agricultural export and economic growth in Nigeria. The study made use of time series data covering the period between 1980 and 2012. The research model was specified in the spirit of Hwa (1988). Phillips-Peron unit root, multivariate Johansen cointegration and error correction techniques were used to estimate the stationarity, the long-run and the short-run dynamics of the research models respectively. The empirical findings in the study revealed that agricultural export, agricultural output, net capital flow and world price of Nigeria's major agricultural commodities are long run determinants of economic expansion in Nigeria. The paper recommended that government should direct efforts to improve agricultural export in the process of economic growth in the country.
Agricultural sector is seen as an engine that contributes to the growth of the overall economy of Nigeria, despite these efforts the sector is still characterized with low yields, low level of inputs and limited areas under cultivation due to government dependence on mono-cultural economy based on oil. This paper is an attempt to examine the impact of the agricultural sector on the Nigerian economy. The panel of data used was sourced from the statistical bulletin of the Central Bank of Nigeria and World Bank's development indicators, multiple regression was used to analyze the data, the result indicated a positive relationship between Gross Domestic Product (GDP) vis a vis domestic saving, government expenditure on agriculture and foreign direct investment between the period of 1986-2007. It was also revealed in the study that 81% of the variation in GDP could be explained by Domestic Savings, Government Expenditure and Foreign Direct Investment. In order to improve the agricultural sector it is recommended that government provides more funding for agricultural universities in Nigeria to carry out researches on all areas of agricultural production this will lead to more exports and improvement in the competitiveness of Nigeria agriculture production in international markets. The Central bank of Nigeria should also come up with a stable policy for loan disbursement to farmers at a reasonable interest payback.