Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria

The correct determinations of the macroeconomic factors would drive economic growth especially the agricultural output and export for a specific country. Thus, the main objective of the study is to ascertain the major macroeconomic factors that would drive Nigeria’s economic growth and agricultural...

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Main Author:	Oluwapemi, Oyetade Oluwatoyese
Format:	Thesis
Language:	eng eng
Published:	2017
Subjects:	HC Economic History and Conditions
Online Access:	https://etd.uum.edu.my/7094/1/s95506_01.pdf https://etd.uum.edu.my/7094/2/s95506_02.pdf
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id	my-uum-etd.7094
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Applanaidu, Shri Dewi
topic	HC Economic History and Conditions
spellingShingle	HC Economic History and Conditions Oluwapemi, Oyetade Oluwatoyese Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria
description	The correct determinations of the macroeconomic factors would drive economic growth especially the agricultural output and export for a specific country. Thus, the main objective of the study is to ascertain the major macroeconomic factors that would drive Nigeria’s economic growth and agricultural sector in terms of output and export. The long-run and short-run effects of the macroeconomic factors identified on economic growth, agricultural output and export are examined. In addition, the direction of Granger causality among oil export, agricultural export and economic growth is determined. This study used the data span from 1981 to 2014. Augmented Dickey Fuller (ADF) and Philips and Perron (PP) unit root test were employed to test for stationarity of the series. The bound testing was then used to examine the existence of long-run relationship, while Autoregressive Distributed Lag (ARDL) was used to examine the long-run and short-run relationship. Finally, the Granger causality was employed to test further relationship among oil export, agricultural export and economic growth. The results indicate that agricultural export and crude oil price have positive and significant impact on economic growth in the long-run but insignificant in the short-run. In the short-run, agricultural land and crude oil price hindered agricultural output with government spending on agriculture and unemployment rate being positive and significant on agricultural output. In the long-run, agricultural land and crude oil price have positive and significant impact on the agricultural output; though unemployment rate is negative and significant. Structural Adjustment Policy (SAP) has negative and insignificant impact both in the short-run and long-run on agricultural output but negative and significant on agricultural export. Hence, the study suggests that an increase in the quantity of agricultural export, government spending, improvement in SAP and the rise in the crude oil price will enhance the nation’s agriculture and economic growth.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Oluwapemi, Oyetade Oluwatoyese
author_facet	Oluwapemi, Oyetade Oluwatoyese
author_sort	Oluwapemi, Oyetade Oluwatoyese
title	Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria
title_short	Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria
title_full	Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria
title_fullStr	Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria
title_full_unstemmed	Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria
title_sort	impact of macroeconomic factors on economic growth, agricultural output and export in nigeria
granting_institution	Universiti Utara Malaysia
granting_department	School of Economics, Finance & Banking
publishDate	2017
url	https://etd.uum.edu.my/7094/1/s95506_01.pdf https://etd.uum.edu.my/7094/2/s95506_02.pdf
_version_	1747828157585555456
spelling	my-uum-etd.70942021-08-18T05:35:29Z Impact of macroeconomic factors on economic growth, agricultural output and export in Nigeria 2017 Oluwapemi, Oyetade Oluwatoyese Applanaidu, Shri Dewi School of Economics, Finance & Banking School of Economics, Finance and Banking HC Economic History and Conditions The correct determinations of the macroeconomic factors would drive economic growth especially the agricultural output and export for a specific country. Thus, the main objective of the study is to ascertain the major macroeconomic factors that would drive Nigeria’s economic growth and agricultural sector in terms of output and export. The long-run and short-run effects of the macroeconomic factors identified on economic growth, agricultural output and export are examined. In addition, the direction of Granger causality among oil export, agricultural export and economic growth is determined. This study used the data span from 1981 to 2014. Augmented Dickey Fuller (ADF) and Philips and Perron (PP) unit root test were employed to test for stationarity of the series. The bound testing was then used to examine the existence of long-run relationship, while Autoregressive Distributed Lag (ARDL) was used to examine the long-run and short-run relationship. Finally, the Granger causality was employed to test further relationship among oil export, agricultural export and economic growth. The results indicate that agricultural export and crude oil price have positive and significant impact on economic growth in the long-run but insignificant in the short-run. In the short-run, agricultural land and crude oil price hindered agricultural output with government spending on agriculture and unemployment rate being positive and significant on agricultural output. In the long-run, agricultural land and crude oil price have positive and significant impact on the agricultural output; though unemployment rate is negative and significant. Structural Adjustment Policy (SAP) has negative and insignificant impact both in the short-run and long-run on agricultural output but negative and significant on agricultural export. Hence, the study suggests that an increase in the quantity of agricultural export, government spending, improvement in SAP and the rise in the crude oil price will enhance the nation’s agriculture and economic growth. 2017 Thesis https://etd.uum.edu.my/7094/ https://etd.uum.edu.my/7094/1/s95506_01.pdf text eng public https://etd.uum.edu.my/7094/2/s95506_02.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abdullahi, H. (2014). Macroeconomic policy and agricultural output in Nigeria: implications for food security. American Journal of Economics, 4(2), 99-113. Abou-Strait, F. (2005). Are exports the engine of economic growth? An application of cointegration and causality analysis for Egypt, 1977-2003. African Development Bank, Economic Research Working Paper. Abual-Foul, B. (2004). 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