Munich Personal RePEc Archive

Role of Agriculture in Economic Growth & Development: Nigeria Perspective

Yusuf, Sulaimon Aremu (2014): Role of Agriculture in Economic Growth & Development: Nigeria Perspective.

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Abstract

The study explored empirically the role of agriculture in development of Nigeria between 1981 and 2012. The study is borne out of the curiosity to examine the role agriculture plays in the development of a nation having being neglected in this part of the world over a considerable period of time by the government and policy makers while the whole attention is paid on the crude oil. The term-paper takes analytical and quantitative dimension. The quantitative technique is employed in a multivariate study with the adaptation of the Solow Growth model that include Capital proxy by Gross Capital Formation (GCF), labour proxy by post secondary school enrolment, Agricultural Output and Economic Growth and Development proxy by RGDP. Restricted Error Correction Model is used with the aid of Econometrics View Package (e-view). The study reveals that the Agriculture plays a significant role in economic development of the nation. In addition, the sector has been neglected to the extent that its contribution to the GDP has been dwindling since 90’s. Consequently, the barriers to the agricultural sector performances were identified and the necessary policy recommendations were proffered.

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