Empirical Assessment of Nigeria’s Agricultural Export and Economic Welfare

Nwachukwu, Ifeanyi and Ehumadu, Felix and Mejeha, Remy and Nwaru, Jude and Agwu, Nnanna and Onwumere, Joe (2008): Empirical Assessment of Nigeria’s Agricultural Export and Economic Welfare.

Abstract

This paper assessed empirically Nigeria’s agricultural export and economic welfare. Data used for the study were obtained from secondary sources, bulk of which was collected from institutional and national databases over 1990-2005 and were analyzed using multiple regression and growth rate analysis. The results showed that agricultural output, inflation, subsidy, exchange rate, food import and export were statistically significant at various risk levels and have major implications on the economic welfare of Nigeria. Economic welfare was found to have grown at rate of 2.9% over the period and would be expected to reach N20, 480.64 million in 2010. The study suggested that Nigerian government should adopt appropriate monetary policies to ensure stability in the foreign exchange market in view of the bizarre implications of fluctuations on economic welfare.

• Item Type: MPRA Paper
• Language: English
• Keywords: economic, agricultural exports, welfare, empirical, assessment
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B22 - Macroeconomics

References

[1] Adubi, A.A., F. Okunmadewa Price, Exchange Rate Volatility and Nigeria’s Agricultural Trade Flows: A Dynamic Analysis. AERC (1999) Research Paper 87. African Economic Research Consortium, Nairobi, Kenya

[2] Bleys, B., The Index of Sustainable Economic Welfare for Belgium: First Attempt and Preliminary Results. MOSI (2006) Working Paper 27, Vrije, Universiteit, Brussels, Brussells.

[3] Boisson, M., C. Mareuge, Analysis; Is there happiness beyond the GDP? Paper presented in “Beyond GDP Conference” held in Brussels, 2007. www.strategic.gov.fr.

[4] Central Bank of Nigeria (CBN), Annual Report and Statement of Account. 2002, CBN, Abuja.

[5] Central Bank of Nigeria (CBN), Annual Report and Statement of Account. 2005, CBN, Abuja.

[6] Central Bank of Nigeria, Statistical Bulletin and Annual Statement of Accounts from 1990- 2005. Publication of Central Bank of Nigeria, 2006..

[7] Daramola, B, Competitiveness of Nigerian Agriculture in a Global Economy: any Dividend(s) of Democracy?, Inaugural Lecture Series 36, 2004, delivered at the Federal University of Technology, Akure, Nigeria.

[8] Daramola, A., S. Ehui, E. Ukeje, and J. McIntire, “Agricultural Export Potential,” in Collier P. and C. Pattillo (eds.), Economic Policy Options for a Prosperous Nigeria, London: Palgrave Macmillan, 2007.

[9] Federal Ministry of Agriculture & Rural Development (FMARD) National Fadama Infrastructure Survey Report, Sheda-Abuja: World Bank/Projects Coordinating Unit, 2001.

[10] Harold G.H., G.F. Spitze, J. E. Allen-Smith, Food and Agricultural Policy: Economics and Politics. McGraw-hill Inc, London, 1994, pp. 56 – 97.

[11] Kemisola, A.O., O. I. Oladele and M. N. Ekpo, Impact of Agricultural Export on Food Security in Nigeria. Food, Agricultural and Environment Journal., (2004)2(1):107 - 12 WFL Publishers

[12] Kuznets, S., National Income and its Composition 1919-1938: Volume 1. New York: National Bureau of Economic Research, 1941: 27 - 45

[13] Mwakabolo, A.B.S., Resource Productivity and Allocation Efficiency in Small-holder Coffee Farmers in Rugwe District Tanzania. A Paper published in the AGREST Conference Proceedings Series Volume 4, 2000.

[14] National Bureau of Statistics (NBS) Details of the Breakdown of the National and State Provincial Population Totals 2006 Census. Federal Republic of Nigeria Official Gazette (2007)24 (94): 1 - 26

[15] Offer, A., Economic Welfare measure and Human Well-being Discussion Paper in Economic and Social History (2000) No. 34: 1 - 24 Oxford: University of Oxford