Agricultural finance and economic growth: evidence from Nigeria
The study performed an in-depth examination of the impact of guaranteed agricultural finance to oil palm, cocoa, groundnuts, fishery, poultry, cattle, roots, and tubers on the real gross domestic product of the country. Time series data was sourced from the Central Bank of Nigeria statistical bullet...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Vilnius Gediminas Technical University
2019-11-01
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| Series: | Business: Theory and Practice |
| Subjects: | |
| Online Access: | http://www.bme.vgtu.lt/index.php/BTP/article/view/9555 |
| _version_ | 1827362871058628608 |
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| author | Funso Abiodun Okunlola Godswill Osagie Osuma Ehimare Alexander Omankhanlen |
| author_facet | Funso Abiodun Okunlola Godswill Osagie Osuma Ehimare Alexander Omankhanlen |
| author_sort | Funso Abiodun Okunlola |
| collection | DOAJ |
| description | The study performed an in-depth examination of the impact of guaranteed agricultural finance to oil palm, cocoa, groundnuts, fishery, poultry, cattle, roots, and tubers on the real gross domestic product of the country. Time series data was sourced from the Central Bank of Nigeria statistical bulletin of various issues. The data sets covered thirty-seven (37) years spanning from 1981 to 2017. The study used Autoregressive Distributed Lag (ARDL) model for its analysis. However, prior estimation and due to several exogenous variables, Phillip Perron stationarity test was used to determine the order of integration because of its robustness to serial correlation and heteroskedasticity. The study also specified the lag criterion based on LR, FPE, AIC, SC, and HQ using Newey-West covariance matrix estimator. Findings from both short-run and long-run models as confirmed by the Wald test, which shows that none of the guaranteed agricultural finance is statistically significant to real gross domestic product. The study, therefore, recommends increased funding and deliberate efforts at determining which of the nominated agricultural spending has the most contributory impact on growth. |
| first_indexed | 2024-03-08T07:36:45Z |
| format | Article |
| id | doaj.art-ff4b39d5b04b4c6393449818f7228f19 |
| institution | Directory Open Access Journal |
| issn | 1648-0627 1822-4202 |
| language | English |
| last_indexed | 2024-03-08T07:36:45Z |
| publishDate | 2019-11-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Business: Theory and Practice |
| spelling | doaj.art-ff4b39d5b04b4c6393449818f7228f192024-02-02T18:54:11ZengVilnius Gediminas Technical UniversityBusiness: Theory and Practice1648-06271822-42022019-11-012010.3846/btp.2019.43Agricultural finance and economic growth: evidence from NigeriaFunso Abiodun Okunlola0Godswill Osagie Osuma1Ehimare Alexander Omankhanlen2Department of Banking and Finance, Covenant UniversityDepartment of Banking and Finance, Covenant UniversityDepartment of Banking and Finance, Covenant UniversityThe study performed an in-depth examination of the impact of guaranteed agricultural finance to oil palm, cocoa, groundnuts, fishery, poultry, cattle, roots, and tubers on the real gross domestic product of the country. Time series data was sourced from the Central Bank of Nigeria statistical bulletin of various issues. The data sets covered thirty-seven (37) years spanning from 1981 to 2017. The study used Autoregressive Distributed Lag (ARDL) model for its analysis. However, prior estimation and due to several exogenous variables, Phillip Perron stationarity test was used to determine the order of integration because of its robustness to serial correlation and heteroskedasticity. The study also specified the lag criterion based on LR, FPE, AIC, SC, and HQ using Newey-West covariance matrix estimator. Findings from both short-run and long-run models as confirmed by the Wald test, which shows that none of the guaranteed agricultural finance is statistically significant to real gross domestic product. The study, therefore, recommends increased funding and deliberate efforts at determining which of the nominated agricultural spending has the most contributory impact on growth.http://www.bme.vgtu.lt/index.php/BTP/article/view/9555agriculturefinancereal gross domestic productPhillip PerronWald Testautoregressive distributed lag |
| spellingShingle | Funso Abiodun Okunlola Godswill Osagie Osuma Ehimare Alexander Omankhanlen Agricultural finance and economic growth: evidence from Nigeria Business: Theory and Practice agriculture finance real gross domestic product Phillip Perron Wald Test autoregressive distributed lag |
| title | Agricultural finance and economic growth: evidence from Nigeria |
| title_full | Agricultural finance and economic growth: evidence from Nigeria |
| title_fullStr | Agricultural finance and economic growth: evidence from Nigeria |
| title_full_unstemmed | Agricultural finance and economic growth: evidence from Nigeria |
| title_short | Agricultural finance and economic growth: evidence from Nigeria |
| title_sort | agricultural finance and economic growth evidence from nigeria |
| topic | agriculture finance real gross domestic product Phillip Perron Wald Test autoregressive distributed lag |
| url | http://www.bme.vgtu.lt/index.php/BTP/article/view/9555 |
| work_keys_str_mv | AT funsoabiodunokunlola agriculturalfinanceandeconomicgrowthevidencefromnigeria AT godswillosagieosuma agriculturalfinanceandeconomicgrowthevidencefromnigeria AT ehimarealexanderomankhanlen agriculturalfinanceandeconomicgrowthevidencefromnigeria |