Volume 15, Issue 1, May 2015, Pages 207–216
Kehinde Olagunju1, Oguninyi Adebayo2, and Oguntegbe Kunle3
1 Faculty of Economics and Social Sciences,Szent Istvan University, Gödöllő, Hungary
2 Department of Agricultural Economics, University of Ibadan, Nigeria
3 Agricultural Policy Analysis Department,Université catholique de Louvain, Louvain, Belgium
Original language: English
Copyright © 2015 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Every country that is industrialized today passed through agrarian era. In fact, agricultural sector still remains the backbone of the industrial sector. In most developing nations, foreign trade is very central to all facets of economic growth and development which include agriculture. In view of this, the study examined the impact of foreign trade on the growth of agricultural output. In the process, other determinant was also examined. This includes population growth. The study used annual time series data from 1978 to 2008, obtained from the Central Bank of Nigeria (CBN) statistical bulletin. Descriptive statistics, correlation analysis and Newey-West standard error regression model were used to analyse the data. The correlation analysis showed that there is existence of strong relationship between the variables. Results also revealed that petroleum export, food import and population growth rate were the significant factors that influence the growth of agricultural output in Nigeria. The growth of agricultural output was significantly increased by petroleum export and population growth rate but was reduced by food import. It is recommended that the government should introduce suitable foreign food and non-food trade policies and programmes that will positively impact the growth of agricultural output in Nigeria.
Author Keywords: Foreign Trade, Growth, Agricultural Output, Petroluem Export, Food Import.
Kehinde Olagunju1, Oguninyi Adebayo2, and Oguntegbe Kunle3
1 Faculty of Economics and Social Sciences,Szent Istvan University, Gödöllő, Hungary
2 Department of Agricultural Economics, University of Ibadan, Nigeria
3 Agricultural Policy Analysis Department,Université catholique de Louvain, Louvain, Belgium
Original language: English
Copyright © 2015 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
Every country that is industrialized today passed through agrarian era. In fact, agricultural sector still remains the backbone of the industrial sector. In most developing nations, foreign trade is very central to all facets of economic growth and development which include agriculture. In view of this, the study examined the impact of foreign trade on the growth of agricultural output. In the process, other determinant was also examined. This includes population growth. The study used annual time series data from 1978 to 2008, obtained from the Central Bank of Nigeria (CBN) statistical bulletin. Descriptive statistics, correlation analysis and Newey-West standard error regression model were used to analyse the data. The correlation analysis showed that there is existence of strong relationship between the variables. Results also revealed that petroleum export, food import and population growth rate were the significant factors that influence the growth of agricultural output in Nigeria. The growth of agricultural output was significantly increased by petroleum export and population growth rate but was reduced by food import. It is recommended that the government should introduce suitable foreign food and non-food trade policies and programmes that will positively impact the growth of agricultural output in Nigeria.
Author Keywords: Foreign Trade, Growth, Agricultural Output, Petroluem Export, Food Import.
How to Cite this Article
Kehinde Olagunju, Oguninyi Adebayo, and Oguntegbe Kunle, “THE IMPACT OF FOREIGN TRADE ON GROWTH OF AGRICULTURAL OUTPUT IN NIGERIA,” International Journal of Innovation and Scientific Research, vol. 15, no. 1, pp. 207–216, May 2015.
