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Research Article Open Access

The Role of Agriculture Sector in Shaping Nigerian Economic Development in the Light of Slow Global Economic Recovery and Global Financial Developments

Abstract

This empirical research investigated the future outlook of Nigeria economic development in the light of slow global economic recovery and global financial developments using long-run and short-run [Error correction model (ECM)] regression models. The study made use of annual time series data covering Gross domestic product (GDP), agriculture, industry and services sectors which spanned from 1990-2012. The findings showed that these variables have long-run association and the GDP was found to establish long-run equilibrium with these economy drivers, though the convergence rate was very slow as indicated by the attractor coefficient. Furthermore, findings showed that all the economic indicators exert positive influence on GDP with agriculture sector having a lead influence when compared to the other economic indicators. Therefore, the study recommends that government should adopt adjustment strategies that hinges on shoring-up non-oil revenues to compensate for the dwindling oil revenues given that the prospect for the country economy depend on the policies articulated for the medium-to-long term and the seriousness with which they are implemented.

Sadiq MS1,2* and Singh IP1

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