Impact of Agricultural Export on Inclusive Growth in Nigeria
Resumo
The importance of the agricultural sector cannot be over emphasized as agriculture does not only serve the purpose of meeting a country’s food needs but also serves as a source of revenue. Before the discovery of crude oil, Nigeria was the largest net exporter of agriculture product being a major source of government revenue at the time. However, successive administration’s neglect of the sector and failure to diversify the economy have inhibited broad-based growth. This paper therefore examined the impact of agricultural export on inclusive growth (measured by per capita income) in Nigeria from 1981-2014 utilizing the Dynamic Ordinary Least Square (DOLS) estimation technique proposed by Stock and Watson (1993). This approach accounts for present and past effects of agricultural export on inclusive growth. The results of the paper reveal that agriculture export, gross fixed capital formation, real interest rate and government total expenditure had positive effect on per capita income (measure of inclusive growth). However, the size of the impact of agriculture export was relatively small, indicating that more needs to be done to make agriculture impact meaningful in the economy. From the findings, the study recommends suitable policy to boost agricultural output which would invariably increase agricultural export commodities leading to an increase in revenue generation which trickles down to inclusive growth.
Referências
Bulagi, M. B., Hlongwane, J. J., and Belete, A. 2015. Causality relationship between agricultural exports and agriculture’s share of gross domestic product in South Africa. A case of avocado, apple, mango and orange from 1994-2011. African Journal of Agricultural research, Vol. 10, No. 9, pp. 990-
994.
Central Bank of Nigeria (CBN). Statistical Bulletin, December, 2014.
Daramola, B. 2004. Competitiveness of Nigerian Agriculture in a global economy: any dividends of democracy? Inaugural lecture series 36 deliver at Federal University of Technology, Akure Nigeria.
David, M. 2011. Agricultural in the economy: Gain Report. Global Agricultural Information Network.
Dawson, P. J. 2005. Agricultural exports and economic growth in less developed countries. Agricultural Economics, Vol. 33, pp. 145-152.
Ehinomen, C. and Daniel, O. 2012. Export and economic growth Nexus in Nigeria. Management Science and Engineering, Vol. 6, No. 4, pp. 132-142.
Ekiran, J. O., Awe, I.T., and Ogunjobi, J. O. 2014. Agricultural export and economic growth in Nigeria: A multivariate Johansen cointegration analysis. International Journal of Arts and Commerce, Vol. 3, No. 3, pp. 89-98.
Ekpo, A. and Egwaikhide, F. 1994. Export and Economic growth in Nigeria. A reconsideration of the evidence. Journal of Economics management, Vol. 1, No 1,
pp. 100-115.
Faridi, Z. M. 2012. Contribution of Agricultural Exports to Economic Growth in Pakistan. Pakistan Journal of Commerce and Social Sciences, Vol. 6, No.1, pp. 133-146.
Francis, B., Osaretin, L. S., and Troy, L. 2007. Agricultural export diversification and economic growth in Caribbean countries: co-integration and error- correction models. The International trade Journal, Vol. XXI. No. 3, pp. 23- 34.
Gbaiye, O. G., Ogundipe, A., Osabuohien, E., Olugbire, O. O., Adeniran, O. A., Bolaji-Olutunji, K. A., Awodele, O. D., and Aduradola, O. 2013. Agricultural Exports and Economic Growth in Nigeria (1980 – 2010). Journal of Economics and Sustainable Development, Vol.4, No.16, pp. 1-4.
Gilbert, N. A., Linyong, S. G., and Divine, G. M. 2013. Impact of agricultural export on economic growth in Cameroon: case of banana, coffee and cocoa. International Journal of Business and Management Review, Vol. 1, No.1, pp. 44-71.
Gutema, T., Lagat, J. K., Daba, D., and Mabeta, J. 2015. Causality Relationship between
Agricultural Exports and Economic Growth in Ethiopia: a Case of Coffee, Oil- seed and Pulses. Journal of Economics and Sustainable Development, Vol.6, No.17, pp. 1-7.
Ijirshar, V. U. 2015. The empirical analysis of agricultural exports and economic growth in Nigeria. Journal of Development and agricultural economics, Vol. 7, No 3, pp. 113-122.
Johansen, S. 1988. Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, Vol. 12, pp. 231 - 254.
Jimaza, M. and Sanni, E.I. 2003. Agricultural Production and the Economic Development of Nigeria. Journal of Development and Society, Vol. 1, No. 4, pp. 126-143.
Khan, M. Z. and Lodhi, A. 2014. Nexus between Financial Development, Agriculture Raw Material Exports, Trade Openness and Economic Growth of Pakistan. Pakistan Journal of Commerce and Social Sciences, Vol. 8, No. 3, pp. 629-639.
Mehdi, S. and Shahryar, Z. 2012. The study examining the effect of export growth on economic growth in Iran. Business Intelligence Journal, Vol. 5, No.1, pp. 21-27.
Njimanted, G. F and Aquilas, N. A. 2015. The Impact of Timber Exports on Economic Growth in Cameroon: An Econometric Investigation. Asian Journal of Economic Modelling, Vol. 3, issue 3, pp. 46-60.
Oluwatoyese, O. P., Applanaidu, S., Abdul-Razak, N. 2016. Agricultural Export, Oil Export and Economic Growth in Nigeria: Multivariate Co-integration Approach. International Journal of Environmental & Agriculture Research (IJOEAR), Vol. 2, Issue. 2, pp. 64-72.
Sanjuan-Lopez, A. I. and Dawson, P. J. 2010. Agricultural exports and economic growth in developing countries: A panel co-integration approach. Journal of Agricultural Economics, Vol. 61, No. 3, pp. 565-583.
Solow, R.M. 1957. Technical change and the aggregate production function.
Review of Economic and Statistics, Vol. 39, pp. 312-320.
Stock, J. and Watson, M.W. 1993. A simple estimator of cointegrating vectors in higher order integrated system. Econometrica, Vol. 61, No. 4, pp. 783-820.
All right reserved. No part of this book may be reproduced or transmitted in any form or any means without prior permission in writing from the copyright owner.
