WILL PUBLIC EXTERNAL DEBT AND PRIVATE INVESTMENT SUSTAIN AGRICULTURAL GROWTH IN NIGERIA? A MONTE CARLO SIMULATION APPROACH

Udeme Henrietta Ukpe, Choumbou Raoul Fani Djomo, Fave Bulus Filli and Chinwe Prisca Osayi
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Udeme Henrietta Ukpe: Department of Agricultural Economics and Extension, Faculty of Agriculture and Life Sciences, Federal University Wukari, P.M.B. 1020 Wukari, Taraba State, Nigeria
Choumbou Raoul Fani Djomo: Department of Agricultural Economics and Agribusiness, Faculty of Agriculture and Veterinary Medicine, University of Buea, P. O. Box 63 Buea, South West Region, Cameroun
Fave Bulus Filli: Department of Agricultural Economics and Extension, Faculty of Agriculture and Life Sciences, Federal University Wukari, P.M.B. 1020 Wukari, Taraba State, Nigeria
Chinwe Prisca Osayi: Department of Agricultural Economics and Extension, Faculty of Agriculture and Life Sciences, Federal University Wukari, P.M.B. 1020 Wukari, Taraba State, Nigeria

Noble International Journal of Economics and Financial Research, 2020, vol. 5, issue 2, 24-31

Abstract: The recent debate of research is the conflicting view with respect to public debt and empowerment of private sector as a driving force for the sustainability of the economy. Therefore this study was undertaken to evaluate the extent to which changes in public external debt and changes in private investment affect the agricultural growth. The result of the study showed that by increasing public external debt and decreasing domestic private investment the simulated data was higher compared to the baseline result implying that it supports the Keynesian view. By decreasing public external debt and increasing domestic private investment, the scenario simulated data, for agricultural growth were lower compared to the baseline implying that private investment alone cannot sustain agricultural growth in Nigeria. It was therefore recommended that specialized development agencies should be set up with the aim of implementing and evaluating government policies on foreign external debt and domestic private investment.

Keywords: Agricultural Growth; Simulation; Baseline; Scenario (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:nap:nijefr:2020:p:24-31

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