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International Journal of Business, Economics and Management

February 2017, Volume 4, 2, pp 38-43

The Link Between Agricultural Budgetary Allocation and Economic Growth in Nigeria

Salami Dada Kareem

,

Atoyebi Kehinde Olusegun

,

Lawal Samad Arogundade

Salami Dada Kareem 1 ,

Atoyebi Kehinde Olusegun 1 Lawal Samad Arogundade 1 
  1. Department of Economics Lagos State University, Ojo, Nigeria 1

Pages: 38-43

DOI: 10.18488/journal.62.2017.42.38.43

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Article History:

Received: 23 January, 2017
Revised: 15 March, 2017
Accepted: 19 April, 2017
Published: 21 June, 2017

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Abstract:

This study investigates the nexus between Agricultural budgetary allocation and Economic Growth in Nigeria by employing simple regression analysis and a further test of cointegration and vector error correction model to determine short run dynamic behaviour of the variable. The result of the study revealed that there is positive relationship between Agricultural budgetary allocation and Economic Growth in the long run. It was also observed that since the Agricultural budgetary allocation and Economic Growth are positively related. This relationship is significant over the two years lagged value of budgetary allocation to Agriculture. And by implication, the government has to stand aloof by increasing expenditure on agriculture because agricultural sector plays a vital role towards the National Transformation in Nigeria.

Contribution/ Originality
The paper contributes to the existing literature on the relationship between budgetary allocation and economic growth. The paper shows its uniqueness by adopting Keynesian macroeconomic approach in specifying growth as a function of agricultural expenditure. The use of vector error correction in our model enables us to capture both short run and long run dynamic behavior of the variables in our model which is an innovation.

Keywords:

Agricultural budgetary allocation, Economic growth, Food security, Overall fiscal balance (OFB), Cointegration, Government expenditure.

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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