Performance of Agricultural Export Products on Economic Growth in Nigeria

Abstract

This research sought to explore the performance of agricultural export products on economic growth in Nigeria from 1960 to 2016. Secondary data from the National Bureau of Statistics, the Central Bank of Nigeria’s Annual Statistical Bulleting, the World Bank, and World Development Indicators were used. The Generalized Method of Moments (GMM) model was explored in this study. The findings of the study show that food and live animals, beverages, and tobacco were found to be negative but significant to agricultural exports, while agricultural exports (total) and crude materials, inedible except fats, were found to be negative and insignificant to economic growth. Animal and vegetable oils and fats were found to be positive but insignificant to economic growth. Based on the following findings, it is recommended that policies aimed at increasing the productivity and quality of agricultural products, especially those from crops, should be implemented. There is also a need to devote more resources to the production of non-export goods to increase exports. Above all, more credit should be extended to the agricultural sector with a low or zero interest rate, which may lead to a higher rate of economic growth in Nigeria.