The Contribution of Agricultural Sector on Economic Growth of Nigeria

Kamil Serto Lu, Sevin Ugural and Festus Bekun
Additional contact information
Kamil Serto Lu: Eastern Mediterranean University, North Cyprus,
Sevin Ugural: Eastern Mediterranean University, North Cyprus,

International Journal of Economics and Financial Issues, 2017, vol. 7, issue 1, 547-552

Abstract: Agriculture is a panacea for economic growth (Myrdal, 1897). The battle for long-run economic growth is either won or lost in the agricultural sector. However, how this path births economic prosperity has been the subject of debates among economist and development scholars. This study empirically examines the impact of agricultural sector on the economic growth of Nigeria, using time series data from 1981 to 2013. Findings revealed that real gross domestic product, agricultural output and oil rents have a long-run equilibrium relationship. Vector error correction model result shows that, the speed of adjustment of the variables towards their long run equilibrium path was low, though agricultural output had a positive impact on economic growth. It was recommended that, the government and policy makers should embark on diversification and enhance more allocation in terms of budgeting to the agricultural sector.

Keywords: Agriculture; Economic Growth; Time Series; Cointegration and Vector Error Correction Model (search for similar items in EconPapers)
JEL-codes: O13 Q32 Q33 (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations: View citations in EconPapers (34)

Downloads: (external link)
http://www.econjournals.com/index.php/ijefi/article/download/3941/pdf (application/pdf)
http://www.econjournals.com/index.php/ijefi/article/view/3941/pdf (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eco:journ1:2017-01-69

Access Statistics for this article

International Journal of Economics and Financial Issues is currently edited by Ilhan Ozturk

More articles in International Journal of Economics and Financial Issues from Econjournals
Bibliographic data for series maintained by Ilhan Ozturk ().