Oil Resource Abundance and Agricultural Productivity in Nigeria: An Autoregressive Distributed Lag Approach (Published)
This paper analyzed and estimated the impact of oil abundance on agricultural productivity in Nigeria for the sample period of 1980 – 2018. The Autoregressive Distributed Lag model (ARDL) estimated with the Ordinary Least Square technique was used to examine the relationship among the variables. Findings from the model revealed that there was a negative and significant relationship between oil abundance and agricultural productivity in the short run while a negative and insignificant relationship existed in the long run. There was a direct and insignificant relationship between growth rate of GDP and agricultural productivity. The study therefore recommended subsidizing agricultural inputs and setting in place incentives that will keep people in the agricultural sector.
Keywords: Agricultural Productivity, Exchange Rate, Lending Rate, Oil abundance