Review of the Effect of Monetary Policy on Smallholder Farmers in Nigeria

Idisi P.o, Folorunsho M.a and Safugha G.f
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Idisi P.o: Department of Agricultural Economics, University of Abuja, Federal Capital Territory, Nigeria
Folorunsho M.a: Department of Agricultural Economics, University of Abuja, Federal Capital Territory, Nigeria
Safugha G.f: Department of Agricultural Economics, University of Abuja, Federal Capital Territory, Nigeria

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 10, 801-811

Abstract: Monetary policy is the process through which a country’s monetary authority controls the supply, availability, and cost of money in an economy using monetary policy variables in order to increase output. A farm of fewer than 10 hectares is considered small scale by international standards. Smallholder farmers account for more than 80% of all farmers in Nigeria. Agriculture is a substantial contributor to Nigeria’s GDP, and small-scale farmers play a significant role in this contribution. This study was conducted to assess the effects of monetary policy on smallholder farmers in Nigeria, and it relied largely on current literature, oral interviews, and observations on the effect of monetary policies on smallholder farmers. According to the review, the government should consistently increase budgetary allocations to the agricultural sector, and the government should implement concessionary low-interest rate policies to encourage smallholder farmers to invest in large-scale agriculture.

Date: 2023
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