Agricultural financing is proxied by the endogenous components of government secured agricultural. Agriculture, monetary policy shock, nigeria jel classification e52 i. The study covered the key issues on nigerian agricultural policies especially as it concerned the formulation and implementation of agricultural policies and programmes as well as their achievements in the agricultural sector in nigeria. App agricultural promotion policy arc annual rate of change ata agricultural transformation agenda. Impact of macroeconomic policy on agricultural growth in nigeria. National interest and national development in nigeria. While the objectives of monetary policy include price stability, full employment. It is therefore, in realization of this fact that the government has adopted a comprehensive package of policy instruments to further develop and improve the. Abstract in this study we set out to examine the impact of institutional support and macroeconomic policy on the growth performance of the agricultural sector in nigeria. Agricultural policy and budget analysis in nigeria 19992007. Figure 16 current funding for agriculture development in africa vs. Agricultural policies in nigeria 190078 springerlink.
Pdf effect of monetary policies on agricultural output in nigeria 1981 2016 iosr journals academia. Macroeconomic policies and agricultural development in. Problems of agricultural development in nigeria and. Agricultural development intervention programmes in nigeria 1960 to date. Agriculture in nigeria is a branch of the economy in nigeria, providing employment for about 30% of the population as of 2010.
The agricultural development projects came about in 1975, after a bilateral agreement between the federal government of nigeria and the world bank. Achieving a high level of economic development through transforming the countrys real sectors will not only reduce poverty by providing. Economic diversification for sustainable development in nigeria. Impact of foreign policy decision making on nigerias economic development. It is the synthesis of the framework and action plans of government designed to achieve overall agricultural growth and development fma, 1989. Oct 20, 2014 nigerias economic development, 19602015. The empirical result showed that the effect of monetary policy is stronger than fiscal policy and the exclusion of the degree of openness did not weak this conclusion.
Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. This study empirically analyse agricultural financing and optimising output for sustainable economic development in nigeria. In 1990, agriculture was the subject of a separate threeyear development plan involving public and private spending targets concentrating on the family farmer. Monetary policy and its effectiveness on economic development. Specifically, the impacts of money supply, prime lending rate, deposit money bank credits to agriculture.
The paper further acknowledged that although most public policies in nigeria have been tailored towards food security, supply of agricultural raw materials needed. Also, in 2011, the agricultural sector performed below the projected 7. It observes that african agriculture remains largely. Monetary policy transmission and industrial sector growth. Agricultural sector performance and nigerias economic growth. Dom okoro socioeconomic rights initiative, seri, lagos and mr. Nigeria is a country that is highly endowed with material and human resources. Problems and challenges of leadership and governace in nigerias agricultural sector so many factors could be associated with the collapse of agricultural sector in nigeria but the most important one is the conflicting political decisions. After the postcolonial era in nigeria, agricultural policies and programmes have undergone changes and this has been seen to. The effect of tax revenue on economic growth and development in nigeria abstract the contribution of taxation to any economy globally cannot be overemphasized. One of these material resources includes a vast array of land that is arable. Monetary policy shocks and agricultural output growth in. All the free economics project topics and materials pdf listed here are complete project works chapter 15 and they are all available for immediate download both in pdf. An overview development issues occupy an important position in the minds of scholars, policy makers and development experts especially as it affects third world societies.
Strategy for agricultural transformation in africa 20162025 african. Background by the time nigeria became politically independent in october 1960, agriculture was. This study investigated the impact of fiscal and monetary policy on nigerian economic growth from 1981 to 2015, with the interest in exploring which of fiscal or monetary policy has been effective in propelling economic growth in nigeria and how gdp growth responds to the monetary and fiscal policy. The design of agricultural policies that will unleash the potentials of. Feb 29, 2008 the agriculture sector was the focus of intense development interest during the 1990s, with food selfsufficiency the goal. Mpc monetary policy committee mpr monetary policy rate msmesdf micro, small and medium enterprises development fund naspaccn national adaptation strategy and plan of action for climate change in nigeria nbet nigerian bulk electricity trading nbs national bureau of statistics ncb national competitive bidding nccp nigeria climate change policy. The impact of monetary policy on agricultural output in. The role of agriculture in accelerating economic growth and development. This research seeks to reevaluate the impact of monetary policy on agricultural output in nigeria.
Economic development nigeria product, growth, economic. Download undergraduate projects topics and materials accounting, economics, education. Perspectives and implications for slissfan project states1 report submitted to oxfam gb nigeria april 2009 1 by dr. Agricultural policy and budget analysis in nigeria slissfan. The study investigated the constraints to agricultural development in nigeria using time series data spanning the period 1970 2010 and contemporary econometric methods of unit root test, cointegration and errorcorrection mechanism. Macroeconomic policy and agricultural output in nigeria. To refocus the sector, the government implemented a new strategy, the. It is therefore, in realization of this fact that the government has adopted a.
Agricultural development intervention programmes in nigeria. Babajide, isibor areghan akhanolu and okafor tochukwu. Objectives of the study this study basically aims at examining the impact of monetary policy on the economic development of nigeria. The paper examines the primary role of the agricultural sector in the growth and development of the nigerian economy.
Agricultural development and emplyoment generation. National interest and national development in nigeria victor i. Nigeria is a monocultural economy, depending on oil as the mainstay of the economy and foreign exchange earner. Impact of agricultural development on the economic growth and development of nigeria, largest undergraduate projects repository, research works and materials. The effect of monetary policy on agricultural output in nigeria. The role of financial institutions in agricultural. This study analysed the effectiveness of monetary policy measures in driving agricultural output in nigeria between 1981 and 2016. Introduction background monetary policy as a technique of economic management to bring about sustainable economic growth and development has been the pursuit of nations while formal articulation of how money affects economic. Agricultural development in nigeria since independence. Thus, there is direct linkage between agriculture and rural development in nigeria. See some major problems of agricultural development in nigeria with some of the possible solutions to this problem. Government expenditure on agriculture and economic growth in nigeria ebere, chidinma1, osundina, kemisola c2 department of economics, banking and finance, babcock university, ogun state, nigeria abstract.
Development of nigerias agricultural subsector will be imperative if meaningful and sustainable national development is envisaged. Notable among such programmes were the rural banking programmes. The two basic aims and objectives the adps were meant to achieve included. Economic development is one of the major objectives of. The banking system and financial institutions is one of the fastest growing and developing sectors of paramount importance in the nigeria economy. National policy on infant and young child feeding in nigeria 2005 marketing of infant and young children food and other designated products registration, sales, etc. Overview and macrofinancial environment may 2000 financial sector unit economic management and social policy. Agricultural development in nigeria since independence problems and solutions in spite of the intense concentration on manufacturing, mining and oil sectors, it is understood by many nigerians that agriculture remains one of the forces contributing to the surging growth of nigeria. Request pdf the impact of monetary policy on agricultural development in nigeria 19702010 the need to correct the existing structural distortions in nigerian agricultural sector and put the.
This analysis will help in developing a strategic plan to make the sector remain competitive. Agricultural land and development authority nalda, president yar adua 7point agenda. Monetary policy and inflation in nigeria economy project. Madukwe professor of agricultural extension university of nigeria, nsukka published by the university of nigeria senate ceremonials committee printed by university of nigeria press ltd. However, the subject of foreign agricultural aid remains a thorny issue among donors and recipient countries alike. This study analysed the impact of macroeconomic policy i. Impact of agricultural foreign aid on agricultural growth in. Government expenditure on agriculture and economic growth in. The nigerian agricultural extension service 30th inaugural lecture of the university of nigeria delivered on april 29, 2008 michael c. The agriculture promotion policy 2016 2020 building on the successes of the ata, closing key. Download the complete economics project topic and material chapter 15 titled reevaluation of the impact of monetary policy on agricultural output in nigeria here on. History of agriculture in nigeria agriculture nigeria.
It is therefore, in realization of this fact that the government has adopted a comprehensive package of policy. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. Nigeria to what extent has the application of monetary policy in nigeria brought about sanity in the operation of commercial banks. Ujah african institute for applied economics, aiae, enugu. The challenges of agriculture and rural development in africa. While each of the above programmes sought to improve food production, the adps represented the major practical demonstration of the integrated approach to agricultural development in nigeria. Pdf effect of monetary policies on agricultural output. Hence, this discourse will be directed at examining the strengths, weaknesses. A description of key public policies and reforms that have shaped the agricultural sector in nigeria in recent years and a critical assessment of the policies as to their success or failures, and reasons for such development.
Pdf lessons from agricultural policies and programmes in. Sustainable development is development that meets the need of the present without compromising the ability of future generations to meet their own needs in essence, sustainable development is a process of change in which the exploitation of resources, the direction of investments, the orientation of technological. Monetary policy and its effectiveness on economic development in nigeria author akinjare victoria, a. Institutions, macroeconomic policy and the growth of the. The significance of agriculture in bringing about economic growth and development.
The impact of fiscal and monetary policy on nigerian. Agricultural sector and nigerias development 187 brazilian agricultural policy environment a notable feature of brazilian agriculture is the state interventionist and protectionist policies on the one hand, and private sector participation on the other. The role of microfinance banks in financing agriculture in. The effect of monetary policy on agricultural output in. If the problems are properly tackled, then the nigerian agricultural. The world bankfunded agricultural development projects adp. For optimum results, fiscal policy must have a handshake with monetary policy to achieve the primary goal of welfare maximisation for the citizenry, which is facilitated by internal and external economic stability as well as sustainable development. It is noteworthy that nigeria s total agricultural land is. From the foregoing one pathway in charting a course for the development of the agricultural sector in nigeria, will be to do a swot analysis. Monetary policy, inflation, economic growth, central bank of nigeria, nigeria. Through this, objectivesgoals, achievements as well as problems that hindered realization of the. The result show that the government expenditure exerts a negative influence on the economy while government revenue affects the economy positively.
Data on relevant variables were collected from the central bank of. Higher agricultural productivity is vital for economic growth, especially in africa, because of strong growth linkages and comparative advantages in trade. Analysis of the agricultural policies in the development of. The study examines the impact of monetary policy variables on the agricultural sector in nigeria from 1986 20. The sector is being transformed by commercialization at the small, medium. Implications for food security and sustain the sector to play this assigned role with special emphasis on the attainment of a sustainable level in the production of basic food 11. Measuring the effects of monetary policy innovations in nigeria. Central bank of nigeria, monetary policy department monetary policy series cbnmpdseries012006 monetary policy refers to the specific actions taken by the central bank to regulate the value, supply.
Development strategy for nigeria shaping policy for development. Central bank of nigeria development finance is the financial initiatives involved in. Macroeconomic policies and agricultural development in developing countries. Fiscal policy and agricultural development in nigeria abstract several macroeconomic policies have been used in nigeria, which have directly and indirectly influenced agriculture output growth. This distinguishes the study from earlier work in nigeria on development policy. Institutions, macroeconomic policy and the growth of the agricultural sector in nigeria. This study of fiscal policy on agriculture development. Policies in nigeria global database on the implementation. Hence, the development of agriculture is a sine qua non for the alleviation of poverty and achievement of sustainable development. Monetary policy has been used in diversified ways to aid the development of the agricultural sector in nigeria. Doc the effect of monetary policy on agricultural output. Impact of macroeconomic policy on agricultural growth in.
This is among the reason for this post on the importance of agriculture in nigeria economic development. Assessing the effect of monetary policy on agricultural. To start with, interest rate structure has been employed principally to direct cheap credit to specific sectors such as agricultural. Monetary policy and its effectiveness on economic development in nigeria. Federal republic of nigeria implementation of the sdgs a. Rcmssijpamr8 abstract the overriding consideration in foreign policy implementation is always based on the concept of. Higher agricultural productivity can deliver a triple dividend.
It is noteworthy that nigeria s total agricultural. This study empirically examined the impact of government expenditure on agriculture on economic growth in nigeria over the years. The study shall be carried out using secondary time series data, for a span of 36 years that is from 1980 to. Agricultural production and economic growth in nigeria. Central bank of nigeria, monetary policy department. Bvn bank verification number cacs commercial agricultural credit scheme cadp commercial agriculture development program cbn central bank of nigeria. Other measures adopted to increase agricultural output in nigeria were in terms of credit schemes, which include the nigerian agricultural cooperative and rural development bank nacrdb, currently referred to as agricultural. Monetary policy shocks and agricultural output growth in nigeria doi.
Importance of agriculture in nigeria economic development. Introduction the agricultural industry is extremely vulnerable to risk and uncertainty. Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign. This research work assesses the impact of agricultural policies on nigerian economy. To start with, interest rate structure has been employed principally to direct cheap credit to specific sectors such as agricultural sector. No wonder then that the concept of development has been subjected to several meanings and interpretations. Federal republic of nigeria implementation of the sdgs. Constraints to agricultural development in nigeria ojeka godfrey ofana1, effiong charles efefiom2 and eko eko omini1 1department of economics, federal university lafia, nasarawa state, nigeria 2department of economics, university of calabar, nigeria abstract. The impact of monetary policy on agricultural development.
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