AGRICULTURAL FINANCING AND AGRICULTURAL PRODUCTIVITY IN NIGERIA: A CASE OF AGRICULTURAL CREDIT GUARANTEE SCHEME FUNDS (ACGSF)
Abstract
The agricultural sector is seen to be indispensable in establishing the framework for the Nigeria’s economic growth. Literature affirms finance to it can enhance the productivity which in turn can supply inputs to another sector regarding provision of food for the population while increasing savings, capital and foreign exchange needs of the economy. Thus, this study evaluates the performance of ACGSF in the sector and its effects on productivity.
This study employed both descriptive and econometrics analysis of the time series data sourced from 1981 to 2013. This study concludes that publicly supported agricultural interventions in Nigeria regarding Agricultural Credit Guarantee Scheme Funds were effective at driving productivity in the agricultural sector with 32 percent speed of adjustment. This study recommends that the Federal Government of Nigeria should effectively and efficiently align agricultural spending and policy priorities while strengthening the institutional capacities to ensure the sustainability of successful development initiatives in agricultural credit guarantee scheme funds.
Keywords
Full Text:
PDFReferences
Central Bank of Nigeria (2013). Annual statistical bulletin, Central Bank of Nigeria, Abuja,
Nigeria.
Enoma, A. (2010). Agricultural credit and economic growth in Nigeria: An empirical approach.
Business and Economics Journal, Volume 14, pp 1-6.
Eze, C., Lemchi, J., Ugochukwu, A. I., Eze, V. C., Awolonu, C. A. & Okon, A. X. (2013).
Agricultural financing policies and rural development in Nigeria. the 84th Annual Conference of the Agricultural Economics Society, Edinburgh, 29th to 31st March 2010.
Iganiga, B. O. & Unemhilin, D.O. (2011). The impact of Federal government agricultural
expenditure on agricultural output in Nigeria. Journal of Economics, 2(2): 81-88.
Lewis, W. A. (1954). Economic development with unlimited supplies of labour.
Manchester School: Wiley-Blackwell, 22:139-191.
Mafimisebi, T., Oguntade, A. & Mafimisebi, O. (2010). Re-Engineering agriculture for
enhanced performance through financing. Journal of Economics Finance Administration Science,15(29): 1-36.
Nasiru, I. (2012). Government expenditure and economic growth in Nigeria:
Cointegration analysis and causality testing. Academic Research International,
Vol. 2, No.3, pp. 718 – 723.
Oboh, V. U., & Ekpebu, I. D. (2011). Determinants of formal agricultural credit allocation to
the farm sector by arable crop farmers in Benue State, Nigeria. African Journal of
Agricultural Research, 6(1), 181-185.
Odi, N. (2013). Agricultural financing in Nigeria: An empirical study of Nigerian Agricultural
Co-operative and Rural Development Bank (NACRDB): 1990-2010.
Journal of Management Research, Vol. 5 No. 2.
Oyinbo, O., Zakari, A. & Rekwot, G. Z. (2013). Agricultural budgetary allocation and
economic growth in Nigeria: Implications for agricultural transformation in Nigeria. The Journal of Sustainable Development, Vol. 10, Iss. 1, Pp. 16 – 27.
Schultz, T.W. (1961). Investment in human capital. American Economic Review LI, March,
- 17. American Economic Association Presidential Address.
Spellman, L. (1976). Economic growth and financial intermediation in R. McKinnon and
Edward Shaw (edited), Money and Finance in Economic Growth and Development,
Essays in Honour of Edward S. Shaw: proceeding of the conference held at Stanford University, Marcel Dekker Press.
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.