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| Chapters: 1-5
| Pages: 74
GOVERNMENT EXPENDITURE & AGRICULTURAL PRODUCTION IN NIGERIA
ABSTRACT
This research work critically focused on the roles of government expenditure in the agricultural production in Nigeria for the period 1970 to 2010. Data on relevant variables were collected from the statistics Bulletin of the Central Bank of Nigeria. A functional relationship between Agricultural output and other explanatory variables, of which government expenditure is one, was specified and estimated using the OLS method and multiple regression analysis. It was found that adjusted R2 for the relationship was 85% and also that government expenditure has played a positive role in the development of the agricultural sector. Other major findings made were that the rate of inflation was very low throughout the period and did not cause much impact with regards to low productivity. The amount of rainfall during the period was very low and does not have any significant effect on agricultural output. Another observation was that the rising prices of agricultural products brought about increase in the performance of the sector, as more people were attracted to it. Again, low interest rate was an encouragement for investors to invest more on agricultural product.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The socio-economic development of any nation is usually dependent on many factors, which combine to ensure the successful attainment of set development goals. One of such factors is agriculture. Its discovery dates back to 800 BC period regarded as the new Stone Age, when man began to till soil and grow crops using crude implements made out of stone (Anderson, 1995). According to Maslow, 1954, food is one of the physiological needs of man, which must be satisfied before other needs could be attained. Supporting Maslow’s assertion, Morgan and Henson (1085) argue that agriculture will remain an indispensable factor until the end of human existence.
The importance of agriculture in the socio-economic development of every nation has made many countries of the world (i.e. developed and developing) to place more emphasis on its development. This is evident in the number of programmes that have been introduced by both international agencies and individual countries to ensure improvement in agricultural activities. In Nigeria for instance, successive governments have introduced and implemented programmes in this
ABSTRACT
This research work critically focused on the roles of government expenditure in the agricultural production in Nigeria for the period 1970 to 2010. Data on relevant variables were collected from the statistics Bulletin of the Central Bank of Nigeria. A functional relationship between Agricultural output and other explanatory variables, of which government expenditure is one, was specified and estimated using the OLS method and multiple regression analysis. It was found that adjusted R2 for the relationship was 85% and also that government expenditure has played a positive role in the development of the agricultural sector. Other major findings made were that the rate of inflation was very low throughout the period and did not cause much impact with regards to low productivity. The amount of rainfall during the period was very low and does not have any significant effect on agricultural output. Another observation was that the rising prices of agricultural products brought about increase in the performance of the sector, as more people were attracted to it. Again, low interest rate was an encouragement for investors to invest more on agricultural product.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The socio-economic development of any nation is usually dependent on many factors, which combine to ensure the successful attainment of set development goals. One of such factors is agriculture. Its discovery dates back to 800 BC period regarded as the new Stone Age, when man began to till soil and grow crops using crude implements made out of stone (Anderson, 1995). According to Maslow, 1954, food is one of the physiological needs of man, which must be satisfied before other needs could be attained. Supporting Maslow’s assertion, Morgan and Henson (1085) argue that agriculture will remain an indispensable factor until the end of human existence.
The importance of agriculture in the socio-economic development of every nation has made many countries of the world (i.e. developed and developing) to place more emphasis on its development. This is evident in the number of programmes that have been introduced by both international agencies and individual countries to ensure improvement in agricultural activities. In Nigeria for instance, successive governments have introduced and implemented programmes in this
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