DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019)
The dynamics of stabilization policies and the effects of investment on agricultural output in Nigeria were explored in this study. (1981-2019). The study specifically looked at the impact of investment, monetary policy, policy mix, and fiscal policy on agricultural output. World Development Indicat...
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International Journal of Food and Agricultural Economics
2023-04-01
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| Series: | International Journal of Food and Agricultural Economics |
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| Online Access: | https://www.foodandagriculturejournal.com/vol11.no2.pp83.pdf |
| _version_ | 1797821908130988032 |
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| author | Iboh Andrew Okidim Mba Oloi Obe-Nwaka Adibie Okuduwor Godwin Lebari Tuaneh |
| author_facet | Iboh Andrew Okidim Mba Oloi Obe-Nwaka Adibie Okuduwor Godwin Lebari Tuaneh |
| author_sort | Iboh Andrew Okidim |
| collection | DOAJ |
| description | The dynamics of stabilization policies and the effects of investment on agricultural output in Nigeria were explored in this study. (1981-2019). The study specifically looked at the impact of investment, monetary policy, policy mix, and fiscal policy on agricultural output. World Development Indicators (WDI), Index mundi, and Macrotrends were used as sources for the annual time series data on the research variables for the period 1981–2019. The Autoregressive Distributed Lagged Model was used in the investigation. The unit root test revealed in the pre-diagnostic tests that the variables were 1(0) and I.(1). The ARDL Bound test for co-integration revealed that the variables related to fiscal, monetary, and policy mix had long-run co-integrating relationships while the variables related to investment had none. Additionally, empirical findings indicated that, in the short term, only government agricultural expenditure (P = 0.0007 < 0.05) as a fiscal policy variable affected agricultural output. Exchange rate (P = 0.0000 < 0.05) and inflation rate (P = 0.0000 < 0.05) as monetary policy variables significantly effected agricultural output. All policy mix variables significantly effected agricultural output in the short run. However, only private domestic investment (P = 0.0322< 0.05) as an investment variable significantly effected agricultural output. |
| first_indexed | 2024-03-13T09:59:41Z |
| format | Article |
| id | doaj.art-608ee8e8e8964275a1858e0c90921425 |
| institution | Directory Open Access Journal |
| issn | 2147-8988 |
| language | English |
| last_indexed | 2024-03-13T09:59:41Z |
| publishDate | 2023-04-01 |
| publisher | International Journal of Food and Agricultural Economics |
| record_format | Article |
| series | International Journal of Food and Agricultural Economics |
| spelling | doaj.art-608ee8e8e8964275a1858e0c909214252023-05-23T06:44:13ZengInternational Journal of Food and Agricultural EconomicsInternational Journal of Food and Agricultural Economics2147-89882023-04-011128397DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019)Iboh Andrew Okidim0https://orcid.org/0009-0003-3581-1815Mba Oloi Obe-Nwaka1https://orcid.org/0000-0002-8743-4965Adibie Okuduwor2https://orcid.org/0009-0000-2980-5919Godwin Lebari Tuaneh3https://orcid.org/0000-0003-3393-7396Department of Agricultural & Applied Economics, Rivers state University, Port Harcourt, Rivers State, NigeriaDepartment of Agricultural & Applied Economics, Rivers state University, Port Harcourt, Rivers State, NigeriaDepartment of Agricultural & Applied Economics, Rivers state University, Port Harcourt, Rivers State, NigeriaDepartment of Agricultural & Applied Economics, Rivers state University, Port Harcourt, Rivers State, NigeriaThe dynamics of stabilization policies and the effects of investment on agricultural output in Nigeria were explored in this study. (1981-2019). The study specifically looked at the impact of investment, monetary policy, policy mix, and fiscal policy on agricultural output. World Development Indicators (WDI), Index mundi, and Macrotrends were used as sources for the annual time series data on the research variables for the period 1981–2019. The Autoregressive Distributed Lagged Model was used in the investigation. The unit root test revealed in the pre-diagnostic tests that the variables were 1(0) and I.(1). The ARDL Bound test for co-integration revealed that the variables related to fiscal, monetary, and policy mix had long-run co-integrating relationships while the variables related to investment had none. Additionally, empirical findings indicated that, in the short term, only government agricultural expenditure (P = 0.0007 < 0.05) as a fiscal policy variable affected agricultural output. Exchange rate (P = 0.0000 < 0.05) and inflation rate (P = 0.0000 < 0.05) as monetary policy variables significantly effected agricultural output. All policy mix variables significantly effected agricultural output in the short run. However, only private domestic investment (P = 0.0322< 0.05) as an investment variable significantly effected agricultural output.https://www.foodandagriculturejournal.com/vol11.no2.pp83.pdfstabilization policymonetary policyfiscal policyagricultureinvestmentardlnigeria |
| spellingShingle | Iboh Andrew Okidim Mba Oloi Obe-Nwaka Adibie Okuduwor Godwin Lebari Tuaneh DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019) International Journal of Food and Agricultural Economics stabilization policy monetary policy fiscal policy agriculture investment ardl nigeria |
| title | DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019) |
| title_full | DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019) |
| title_fullStr | DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019) |
| title_full_unstemmed | DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019) |
| title_short | DYNAMICS OF STABILIZATION POLICIES AND INVESTMENT EFFECTS ON AGRICULTURAL OUTPUT IN NIGERIA (1981-2019) |
| title_sort | dynamics of stabilization policies and investment effects on agricultural output in nigeria 1981 2019 |
| topic | stabilization policy monetary policy fiscal policy agriculture investment ardl nigeria |
| url | https://www.foodandagriculturejournal.com/vol11.no2.pp83.pdf |
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