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Prime Journal of Business Administration and Management

 Prime Journal of Business Administration and Management = ISSN: 2251-1261

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Onyele KO

Ariwa FO

 

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Prime Journal of Business Administration and Management

ISSN: 2251-1261. Volume 6, Issue 3, pp. 2035-2046

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Full Length Research

 

Title

The impact of selected agricultural exports on the growth of the domestic economy

 

Author(s)

1Sebastian O. Uremadu (Ph.D) , 2Kingsley O. Onyele , and 3Florence O. Ariwa

 

Address(es)

1Professor of Banking and Finance, Department of Banking and Finance, College of Management Sciences (COLMAS). MichealOkpara University of Agriculture, Umudike, Umuahia, Abia State, Nigeria. Tel.: +234-8037876614.

2M.Sc. Student, Department of Banking and Finance, College of Management Sciences (COLMAS). MichealOkpara University of Agriculture, Umudike, Umuahia, Abia State, Nigeria.

Tel.: +234-7033113792.

3Ph.D Student/Lecturer, Department of Banking and Finance, College of Management Sciences (COLMAS). Michael Okpara University of Agriculture, Umudike, Umuahia, Abia State, Nigeria.

Tel.: +234-8034872889.

 

Accepted Date

27th January, 2015

 

Citation

Uremadu SO, Onyele KO, Ariwa FO (2016). The impact of selected agricultural exports on the growth of the domestic economy. Prim. J. Bus. Admin. Manage. 6(3): 2035-2046.

 

Abstract

This study sought to analyze the impact of selected agricultural exports on economic growth in Nigeria from 1980 to 2014. It specifically examined the determinants of total agricultural export supply, cocoa export supply and rubber export supply; their export performance and determining factors. Both export crops were chosen because they remain the most exported agricultural commodities from Nigeria, and published national aggregates on specific trade and macroeconomic variables in CBN Statistical Bulletin (various years) and National Bureau of Statistics (NBS). For the data analysis, descriptive statistic and ordinary least square (OLS) were used. The results revealed that export supply of cocoa was insignificant, but had a positive impact on real GDP, while the coefficient of export supply of rubber was negative and insignificant at 5% level. Export commodity price index was found to be significant with a positive impact on real GDP, depicting that export commodity prices have been favourable during the period under study. Domestic economic growth (proxied by real GDP) was influenced positively by exchange rate, interest rate, and trade openness, but only exchange rate was significant, while inflation rate had a negative impact on economic growth. The results further showed that the aggregate agricultural exports was positive and had a significant impact one conomic growth in Nigeria. The study therefore recommended policy options such as export financing, value addition to cocoa beans being exported, and favourable foreign exchange policies to promote production in the export subsector of agriculture and industrial sector for proper diversification of Nigerian economy in the years ahead.

Key words:
Agricultural exports, cocoa, rubber, economic growth

JEL Classification:
C 23, Q11, Q13, Q17, Q18, Q58.


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