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INVESTMENT IN AGRICULTURAL SECTOR: IMPLICATION FOR POVERTY REDUCTION IN NIGERIA (1985-2012)
Abstracts
This paper is premised upon an attempt to empirically identify the various investment options in the agricultural sector and their implications on poverty reduction in Nigeria. The study adopted a time series econometrics analysis based on two models while Cobb-Douglas Production Function forms the theoretical underpinning. The two models have the Agricultural Sectors Share on GDP (Qt) and the annual poverty rate (PRt) as dependent variables respectively. Time series secondary data from 1985 to 2012 were used for this analysis. The test for stationarity (unit root test) indicates all the variables were stationary at first difference; this suggests a short-run disequilibrium among the variables. Hence, the Johansen cointegration test was conducted to ascertain the existence of long run relationship among them. Hence, Error Correction Model (ECM) was later introduced. The lag effects of Capital, Labour and ACGS were found to be statistically significant at reducing poverty level in the current year. The study therefore recommends that; private investment in agricultural sector should be given a considerable boost via the expansion of credit facilities under ACGS, public investment in the agricultural sector should be diverted toward provision of infrastructural facilities, procurement of fertilizers and agrochemicals and labour intensive method of production should be pursued because of the higher labour sensitivity to productivity which is also found to reduce poverty by one year lag period, this may not be unconnected to its capacity to curb the massive youth unemployment in the country.
Keywords
Investment, Agriculture, Sector, Poverty Reduction and Nigeria