AGRICULTURAL FINANCING AND THE NIGERIAN ECONOMIC GROWTH
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ABSTRACT
This study employed regression to examine the impact of agricultural financing on economic growth in Nigeria from 1981 to 2019. The study made use of four explanatory variables and one control variable which included Agricultural output (AO), Agricultural Loans (AL), Agricultural Expenditure on Trainings (AET), Interest rate (INTR), and Inflation rate (INFR) as control variable. All these to establish the impact, the explanatory variables have on the dependent variable (Real Gross Domestic Product) proxy for economic growth. The results of unit root test revealed that; all the variables are stationary at 5% since their absolute value of ADF statistics are greater than their critical value at 5%. The regression result revealed; AO, AL and INTR have positive and significant impact on the RGDP proxy economic growth. They are significant at 5% based on t-statistics computed. These findings were in agreement with the a priori expectations. While AET have positive but insignificant impact on RGDP. In the result, R 2 is 99.8% meaning that about 99.8% of RGDP in Nigeria is explained by the independent variables. Therefore, the stated Null hypothesis on AO, AL and INTR were all Rejected on the condition that their P-value were less than the probability bench mark value of 5% and hence, there Alternative Hypotheses Accepted. But for AET, its Null Hypothesis was Accepted on the condition that its P-value was greater than its Probability bench mark of 5%. The study recommends the following; There is an urgent need to improve on Agricultural output (AO) by the Government in providing and ensuring internal security so as to enable our farmers operate without hindrance to improve on their agricultural productivity by the menace of kidnapping banditry; In order for agricultural loans (AL) to further have more impact on economic growth policy makers should intensify efforts towards making policies that will enforce and encourage financial institutions to timely and adequately disburse and monitor Agricultural Loans to the targeted users and it judicious and effective utilization to avoid corruption in disbursement and mismanagement of such funds; The Government of Nigeria should encourage the training (AET) of more Agricultural Extension workers that will train rural farmers on the use of improve technologies to enhance increase productivity; The government through the Central bank of Nigeria should formulate and implement institutional strengthening policies in the areas of effective agriculture financing by providing lower interest rate (INTR) to the real sector of the economy that have direct effects on the citizenry to encourage more domestic agricultural investments; In solving high INFR problems policies should be put in place to control prices of Agric inputs and outputs. In the following ways this study has contributed to knowledge; that it has added to empirical literature by contributing to the body of knowledge and has made few significant recommendations as strategies to promote agricultural productivity in extension economic growth in Nigeria.
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