RELATIVE IMPACT OF FINANCIAL SECTOR REFORMS ONAGRICULTURALANDMANUFACTURINGSECTORGROWTHINNIGERIA
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ABSTRACT
Thestudyinvestigatesrelativeimpactoffinancialsectorreformsonagriculturalandmanufacturing sector growth in Nigeria. To guide the study, Ordinary Least Square techniquewas adopted and Eviews 8.0 econometric software was utilized for the analysis. A time seriesquarterly data sourced from Central Bank of Nigeria Statistical Bulletin 2009 and 2013and itcovered the period 1970-2013 was used for the analysis. After carrying out necessary pre- andpost diagnostic test, the result shows that gross fixed capital formation and credit to privatesectorratiotoGDPhaspositivebutinsignificantrelationshipwithagriculturalandmanufacturing sector output. While real interest rate, manufacturing capacity utilization andfinancial sector reform dummy were positive and significant, interest rate spread, real exchange,average annual rainfall and money supply ratio to GDP displayed negative relationship withagriculturalandmanufacturingsector output.Uponcomparisonofimpactofkey financialindictors on agricultural and manufacturing sector output, the result revealed that impact of realinterest rate and financial sector profitability index (SINR) in the pre- and post-financial sectorreform were significant in each sector. In contrast, while impact of real exchange rate does notsignificantly influence agricultural sector output, it subsequently became significant in the modelfor manufacturing sector output.The studyhowever concludes that domestic investment oninfrastructure and credit facility to the sectors was sub-optimal. Secondly, participants in thesectors were made worse-off by the reform. Extensive review of existing policies, provision ofincentives,accessibleandaffordablefundingwasrecommendedby thestudy.
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