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Nigeria Journal of Management Sciences (NJMS), Benue State University
Agriculture as an Accelerator for Nigeria Economic Sustainable Development
Oladotun L., Anifowose: Entrepreneurship Management Technology Federal University of Technology, Akure, Ondo state, Nigeria
Abstract
The main focus of this paper is to investigate the impact, explore the possibilities and highlight the teething challenges that have masked the significant roles of agricultural sector in the transformation process of the Nigeria's economy. This paper span the period 1970 to 2010 by using annual times series data. The Ordinary Least Square (OLS) estimation method was adopted to examine the impact of agricultural sector in the economic growth of Nigeria. The variables employed include: Gross Domestic Product (GDP), output of agricultural sector, share of agriculture in the GDP, index of agricultural production, and ratio of agricultural output to GDP. The results of the analyses showed that the Nigeria agricultural sector contributes immensely to the economic growth of Nigeria but the over-dependence on the oil sector has over shadowed the potentials of the sector. In conclusion, some of the recommendations made in the study were that: the Nigerian agricultural policy needs to be evolved; there is need for national re-orientation towards agriculture or farming, the activities of agriculture financing, institutions in providing finance and credit for rural farmers, should be supplemented with the provision of road networks, rail system and warehouses, in order to further encourage farmers to increase their production etc.Key words: Agriculture Sector, Economic growth, Gross Domestic Product, Nigeria.
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