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AGRICULTURAL AND INDUSTRIAL SECTORS AND NIGERIA’S ECONOMIC DEVELOPMENT
ABSTRACT
This research work examines the effect of agricultural and industrial outputs on Nigeria’s economic development. Data on real GDP, Agricultural output, interest rate, foreign exchange rate and inflation were obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin. Ordinary Least regression (OLS) method was used to analyze the data. The results indicated that agricultural and industrial outputs contribute positively to Nigeria’s economic growth. In order to enhance the contributions of Agricultural and industrial sectors to the economy, government should enact and maintain a more reliable policy on agricultural development plan and implementation and also provide funds to acquire modern farm tools and soft loans to aide small and medium scale farmers; encourage economic co-operation among regions and states, create markets for agricultural outputs and provide extension services to the rural farmers.
Keywords: Agricultural and Industrial Outputs, Economic development, Industrialization, Error Correction Model