Agricultural Sector Development and Economic Growth of Nigeria

Abstract

Agriculture in Nigeria has been in existence since time immemorial. As the sector faced series of challenges, governments in response formulate and implement various policies to tackle these challenges and to ensure that agricultural sector contributes immensely to economic growth, however, the sector remains underdeveloped. Owing to this, this study conducted research to know if the development of agricultural sector can stimulate Nigeria’s economic growth or not. The study gathered annual data from 1986 to 2022 in order to identify patterns in agricultural development and their consequences for economic growth. The data was analyzed using the multiple regression method. However, the results indicate that agricultural output, climate change, and the agricultural loan guarantee scheme fund have a negative impact on economic growth, but government capital expenditure has a favorable impact. As a result, the study suggests that the government provide the required infrastructure facilities in the agriculture sector to support economic growth.