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Agricultural credit and Nigeria's economic performance

 Department: Economics  
 By: usericon Ekings  

 Project ID: 2839
   Rating:  (3.1) votes: 21
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In most agrarian economies like the type that exists in Nigeria, agricultural production provides the needed fulcrum upon which a sustainable development would blossom. Being the main source of food for most of the population, till date, agricultural production remains the mainstay of the Nigerian economy. It provides the means of livelihood for most of the population, a major source of raw materials for the agro-allied industries and a potent source of the much needed foreign exchange. However, inadequate credit (among other factors) to the agricultural sector led to the downward trend observed in agricultural productivity in Nigeria. Therefore, this study sought to examine agricultural credit and Nigeria’s economic performance: an empirical analysis (1981-2015). The ex-post facto research design was adopted to enable the researcher make use of secondary data and determine cause-effect relationship during the period, 1981-2015. The Ordinary Least Square (OLS) estimation technique was adopted, using SPSS  statistical software to test the hypotheses, where Total Agricultural Credit Guarantee Scheme Fund (TACGSF), Agricultural Credit Guarantee Scheme Fund to crop production (ACGSFCP), Agricultural Credit Guarantee Scheme Fund to livestock (ACGSFLSP) and Agricultural Credit Guarantee Scheme Fund to fisheries (ACGSFP) were used as the independent variables while Agricultural Production (AP), Gross Domestic Product Agricultural Crop Production (GDPACP), Gross Domestic Product Agricultural Livestock  Production  (GDPALS) and Gross Domestic Product Agricultural Fisheries Production (GDPAFP) were used as the dependent variable. The study found that Agricultural Credit guarantee scheme fund for crop production, livestock production and fisheries had  significant positive impact on the crop, livestock and fisheries productivity in Nigeria for  the period of the study. The study, therefore, recommends that stakeholders: the farmers, lending institutions and government must show greater commitment and dedication for the scheme to achieve its laudable objectives....
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