IMPACT OF AGRICULTURAL DEVELOPMENT ON THE ECONOMIC GROWTH AND DEVELOPMENT OF NIGERIA

IMPACT OF AGRICULTURAL DEVELOPMENT ON THE ECONOMIC GROWTH AND DEVELOPMENT OF NIGERIA

ABSTRACT

In recent decades, the potential contribution of agriculture to economic growth has been a subject of much controversy among development economists. While some contend that agricultural development is a pre-condition for industrialization, others strongly disagree and argue for a different path. Taking advantage of Ordinary Least Square Method (OLS), the research carried out by means of secondary data and using independent variables: Agricultural Development, Capital Accumulation, Inflation Rate and Interest Rate re-examines the question of whether agriculture could serve as an engine of growth for the Nigerian economy. Results from the empirical analysis shows that the productivity in agricultural sector has not appreciably impacted positively on the economic growth in Nigeria.