EFFECT OF OIL AND AGRICULTURE ON ECONOMIC GROWTH IN NIGERIA

Moses C Ekperiware and Michael O Olomu
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Moses C Ekperiware: Department of Science, Policy Research and Innovation Studies (SPIS), National Centre for Technology Management (NACETEM), Oau, Ile-Ife, Osun State, Nigeria.
Michael O Olomu: Department of Science, Policy Research and Innovation Studies (SPIS), National Centre for Technology Management (NACETEM), Oau, Ile-Ife, Osun State, Nigeria.

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Abstract: The study examines the interaction and feedback mechanism between agricultural and oil sectors with output in Nigeria from 1981 to 2012, using vector auto regression (VAR) methodology. Output response to OIL revenue innovation was only additive in the shortest. Output response to agriculture output exhibited positive effect of economic development through investing in the agricultural sector even from the gains from the oil sector in as oil shock showed positive response in the agricultural sector in Nigeria. Conclusively, the three economic variables are vital economic mix for economic development in Nigeria and policies and planning be optimised for economic progress.

Date: 2015-05-14
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Published in Journal of Global Economics, Management and Business Research, 2015, 3 (2), pp.75-86

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05366558

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