Macroeconomic Determination of Forestry Contribution to the Nigeria Economy

Adenuga Fabian Adekoya ()
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Adenuga Fabian Adekoya: Lagos State University of Education

Chapter Chapter 8 in Economic, Environmental and Health Consequences of Conservation Capital, 2023, pp 97-110 from Springer

Abstract: Abstract Forestry contribution to the Nigeria economy has been tremendous because of its numerous benefits. But its contribution became worsen as the land size use for forestry reduced yearly. As a result, the reduction in forestry conservation would not help the achievement of sustainable development in the country by 2030. What macroeconomic factor could lead to poor forestry contribution to GDP and the factor to improve it becomes the interest of the present study. Therefore, this chapter examined the macroeconomic determination of forestry contribution to the Nigeria economy. Annual time series from 1970 to 2017 was tested using the Autoregressive Distributed Lag Model. From the ARDL technique, a long run relationship is established between macroeconomic factors and forestry contribution to GDP. Also, the result indicated that unemployment had negative effect (−0.147) and significant (1%) on forestry contribution to GDP while foreign direct investment had positive effect (0.452) and significant (1%) on forestry rent as a contribution to GDP. These results suggested to the policy makers that activities of unemployed ones can be minimised on forestry through foreign direct investment to enhance future development. Therefore, policymakers need to encourage and provide enabling environment for the improvement in foreign direct investment to the country.

Keywords: Unemployment; Foreign direct investment; Forestry rents; GDP; ARDL; Nigeria (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-4137-7_8

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DOI: 10.1007/978-981-99-4137-7_8

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