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Agric Financing and its Impact on Agricultural GDP: An ARDL Approach

Ndubuaku Victor C.

,

Okoro Okoro E.U.

,

Bello Kabiru

,

Alozie Chiaka P.

Ndubuaku Victor C. 1 ,

Okoro Okoro E.U. 2
Bello Kabiru 1 Alozie Chiaka P. 1 
  1. Department of Accountancy, Federal College of Agriculture Ishiagu, Ebonyi State, Nigeria 1

  2. Department of Banking and Finance, University of Nigeria Nsukka, Enugu Campus, Enugu, Nigeria 2

Pages: 47-60

DOI: 10.18488/journal.70.2019.61.47.60

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Article History:

Received: 19 November, 2018
Revised: 31 December, 2018
Accepted: 06 February, 2019
Published: 03 April, 2019


Abstract:

This research investigated the impact of agricultural financing on agricultural sector contribution to GDP in Nigeria. The objective of the study was to determine whether agricultural financing had any significant impact on agricultural contribution to GDP in Nigeria. The dataset covered a 36year period from 1981-2016. Data was sourced from the CBN statistical Bulletin. The dependent variable was the Agricultural GDP (AGDP). The independent variables were government funding {represented by Government Capital Expenditure on Agriculture (GCAG) and Government Recurrent Expenditure on Agriculture (GRAG) }, Agric Credit Guarantee scheme Fund (ACGSF) and Commercial Banks’ Credit, Loans and Advances to the Agricultural Sector (CBCA). Standard analytical tests were used to determine the properties of the data. The Auto Regressive Distributed Lagged regression model (ARDL) was used to estimate the data. The study found that government funding to agriculture and Agric Credit Guarantee scheme Fund (ACGSF) had a non-significant impact on Agricultural Contribution to GDP (AGDP). On the other hand, the study found that Commercial Banks’ Credit, Loans and Advances to the Agricultural Sector (CBCA) had a positively significant impact on AGDP. The study recommended the sustenance of government policy that encouraged consistent injection of funds into agriculture. It advocated that a sizeable portion of Commercial Banks’ credit should be channelled to agricultural production.
Contribution/ Originality
This study contributes to the existing literature by investigating the impact of agricultural funding on agricultural GDP. This study uses new estimation methodology which is the ARDL approach. The paper contributes the first logical analysis by conducting a pre-test, estimation and diagnostic analyses. The paper's primary contribution is that government funding of the agricultural sector had no significant impact on agricultural GDP.

Keywords:

Agricultural production, Economic growth, public expenditure, Commercial banks, Agric credit guarantee scheme Fund, ARDL, Loans and advances, GDP, Nigeria.

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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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