THE EMPIRICAL INVESTIGATION OF THE IMPACT OF AGRICULTURAL FINANCIAL ON POVERTY REDUCTION IN NIGERIA (1980 – 2010)



ABSTRACT
The purpose of this research work is to investigate empirically agricultural financing and its impact on reduction of poverty in Nigeria covering the period (1980-2008). In the objective, effort was made to see how agriculture sector financing will reduce the level of poverty in Nigeria. The regression model, otherwise known as Ordinary Least Square (OLS) technique is chosen by the researcher in the research method. The result showed that agriculture financing has no significant relationship with reduction of poverty in Nigeria. Based on the findings, it was recommended that government funding on agriculture should be channeled to farm mechanization. This will help to create employment and boost food production, thereby reducing poverty.



DEPARTMENT OF ECONOMICS
FACULTY OF SOCIAL SCIENCES


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TABLE OF CONTENTS
Title Page                                                                                                                   i
Approval Page                                                                                                          ii
Dedication                                                                                                                 iii
Acknowledgment                                                                                                     iv
Table of contents                                                                                                     v
Abstract                    
CHAPTER ONE: Introduction 
1.1       Background of the Study                                                                            1
1.2       Statement of Problem                                                                                  6
1.3       Objective of the Study                                                                                7
1.4       Test of Hypothesis                                                                                       7
1.5       Significance of the Study                                                                            7
1.6       Scope and Limitations of the Study                                                          8
CHAPTER TWO: Literature Review
2.1       Review or Related Literature                                                                     9
2.2       The Structure of Nigerian Agriculture                                                      13
2.3       Nigeria Agricultural Sector Development                                                14
2.4       Nigerian Agricultural Sector Performance                                               15
2.5       Agricultural Sector Policies                                                                       18
2.6       Effect (of the polices) on Agricultural output and Growth                   21
2.7       Incidence of Poverty in Nigeria                                                                 24
2.8       The Role of Agriculture in Poverty Reduction                                        28 
2.9       Financing Agriculture and Poverty Reduction in Nigeria                     33
2.10    Agricultural funding in Nigeria (Government Budget)                          35
2.11    Agriculture Credit Guarantee Scheme in Nigeria                                   36
CHAPTER THREE: Research Methodology 
3.1       Model Specification                                                                                    41
3.2       Model Evaluation                                                                                        42
3.3       Sources of Data                                                                                            44
CHAPTER FOUR: Presentation and Analysis of Results  
4.1       Presentation of Results                                                                               45
4.2       Analysis of Results                                                                                      45
4.3       Test of Hypothesis                                                                                       47
4.4       Implication of the Result                                                                            48
CHAPTER FIVE: Summary, Conclusion and Recommendation  
5.1       Summary of Findings                                                                                  49
5.2       Conclusion                                                                                                    50
5.3       Recommendations                                                                                       51
            Bibliography                                                                                                 52     




BIBLIOGRAPHY
Akanji O. O. (2004). Microfinance as a Strategy for Poverty Reduction CBN         Economic & Financial Review, Vol. 39 No.4

Anderson, K. Kurzweil, M. Martin, W. Sandri, D. & Valenzuela, E. (2008)   “Methodology for Measuring Distortions to Agricultural Incentives,”      Agricultural Distortions Working Paper 02, World Bank, Washington   DC, Revised January.  

Central Bank of Nigeria (2000) “Annual Report and Statement of Accounts”,         Abuja: CBN.

Central Bank of Nigeria (2005). “Annual Report and Statement of Accounts,          Abuja: CBN. 

Central Bank of Nigeria (2006) “Annual Report and Statement of Accounts”          Abuja CBN. 

Cowitt, P. P. (ed) (Various years) World Currency Yearbook, Brooklyn:      “Currency Data ancf Intelligence”, Inc.

Daramoia, A. Ehui, S., Ukeji , E., & McIntire, J. (2007). Agricultural Export            Potential, in Collier P. and C. Pattillo (eds), Economic Policy Options for a Prosperous Nigeria, London: Palgrave Macmillan. 

Etuk, O. E. U. (1986) Fertilizer Pricing in Segura, L. T. Shetty, and M.           Nishimizu (eds) Fertilizer Producer Pricing in Developing Countries:         Issues and approaches, industry and finance series, volume 11, World    Bank: Washington DC. 

FAOSTAT (2006) “Food and Agricultural Organization Statistics Database,           electronic data produc, Rome: Food and Agriculture Organization. 

APPENDIX ONE
DATA FOR ANALYSIS

SOURCE: CBN STATISTICAL BULLETIN VOLUME 21, 2010
BUREAU OF STATISTICS ENUGU, ENUGU STATE


YEAR
       PL
     ( %)
   ACGSF
(N’Million)
       GEA
(N’Million)
1980
27
30945
32.5
1981
30.8
35642.4
33.9
1982
34.6
31763.9
34.1
1983
38.4
36307.5
29.3
1984
42.2
25154.9
32.8
1985
46
44242.1
32.7
1986
45.4
68417.4
32.9
1987
44.8
102152.7
29.2
1988
44.2
118611
54.3
1989
43.6
129300.3
81.1
1990
43
98493.4
208.1
1991
42.4
82107.4
121.1
1992
42
91953
161.5
1993
48.3
80845.9
1015.3
1994
54.6
91821.1
919
1995
60.9
163938.6
2236
1996
67.2
243608
1681.2
1997
68.2
244025.2
1682.2
1998
69.2
217699
2963.8
1999
70.2
246993.5
31347.2
2000
67.1
357832
4834.7
2001
64
810821.1
7064.9
2002
60.8
1062391.8
12439.4
2003
57.7
1894281.4
7534.3
2004
54.6
3308704.3
11725.6
2005
51.5
760969
10858.8
2006
48.4
4265066.3
18739.8
2007
51.2
4427868.9
15781.42
2008
52.1
6721074.6
16328.51
2009
53.6
7183654.3
18407.73
2010
51.4
8035790.1
19467.13

 APPENDIX TWO
REGRESSION RESULTS
 Dependent Variable: PL
Method: Least Squares
Date: 06/29/13   Time: 14:29
Sample: 1980 2010
Included observations: 31
Variable
Coefficient
Std. Error
t-Statistic
Prob. 
C
47.56130
2.304774
20.63599
0.0000
ACGSF
-1.66E-06
1.11E-06
-1.494900
0.1461
GEA
0.000910
0.000316
2.881836
0.0075
R-squared
0.238421
    Mean dependent var
50.81935
Adjusted R-squared
0.184022
    S.D. dependent var
11.36757
S.E. of regression
10.26849
    Akaike info criterion
7.587804
Sum squared resid
2952.376
    Schwarz criterion
7.726577
Log likelihood
-114.6110
    F-statistic
4.382850
Durbin-Watson stat
0.511563
    Prob(F-statistic)
0.022081

Dependent Variable: LOG(PL)
Method: Least Squares
Date: 06/29/13   Time: 11:21
Sample: 1980 2010
Included observations: 31
Variable
Coefficient
Std. Error
t-Statistic
Prob. 
C
4.063339
0.272161
14.92991
0.0000
LOG(ACGSF)
-0.072220
0.030999
-2.329773
0.0273
LOG(GEA)
0.110198
0.021679
5.083224
0.0000
R-squared
0.610540
    Mean dependent var
3.902520
Adjusted R-squared
0.582721
    S.D. dependent var
0.235539
S.E. of regression
0.152152
    Akaike info criterion
-0.836113
Sum squared resid
0.648203
    Schwarz criterion
-0.697340
Log likelihood
15.95975
    F-statistic
21.94721
Durbin-Watson stat
0.454696
    Prob(F-statistic)
0.000002

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