Agricultural Credit Guarantee Scheme Fund, Government Expenditure on Agriculture and Agricultural Output in Nigeria 1990 – 2020

Dr Christopher Mmaduabuchukwu Okpala, Dr Felix Nwaolisa Echekoba and Amalachukwu Chijindu Ananwude
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Dr Christopher Mmaduabuchukwu Okpala: Department of Banking and Finance, Federal Polytechnic, Oko, Anambra State, Nigeria
Dr Felix Nwaolisa Echekoba: Department of Banking and Finance, Nnamdi Azikiwe University, Anambra State, PMB 5025, Awka, Nigeria
Amalachukwu Chijindu Ananwude: Department of Banking and Finance, Nnamdi Azikiwe University, Anambra State, PMB 5025, Awka, Nigeria

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 5, 859-867

Abstract: The effect of agricultural credit guarantee scheme fund and government total expenditure on agriculture on agricultural sector’s contribution to real gross domestic product was evaluated in this study. The Central Bank of Nigeria (CBN) statistical bulletin serves as the data bank for the time series data from 1990 to 2020. The Ordinary Least Square (OLS) technique was employed in estimating the models. The OLS result revealed that agricultural credit guarantee scheme fund has a positive significant effect on agricultural sector’s contribution to real gross domestic product. On the other hand, the effect of government expenditure on agriculture on agricultural sector’s contribution to real gross domestic product is positive but not significant. There is the need for the government to inject more funds into agricultural financing schemes, especially the agricultural credit guarantee scheme fund and also ensure that the funds are effectively disbursed for agricultural activities. Government expenditure on agriculture should be increased to reflect the importance of this sector to the economic development and growth of the country. The budgetary allocation of the government on agricultural sector should not only be increased but measures should be taken to ensure that the budget is released and implemented as at when due.

Date: 2022
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