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THE ROLE OF AGRICULTURE IN THE ECONOMIC DIVERSIFICATION OF THE NIGERIAN ECONOMY: (1980 – 2016)
Abstract
This study empirically examines the role of agriculture in the diversification of the Nigerian economy, using time series data from 1980–2016. Estimation results using Cointegration and Vector Error Correction Technique indicate that agricultural output has a positive relationship and significant impact with non-oil exports (NOE) and that non-oil revenue has a positive relationship with non-oil exports (NOE). It was recommended that, government should endeavor to increase agricultural productivity by improving its expenditure on the sector so as to enhance the growth of the economy. Government should also increase its non-oil revenue and revive the sector through sufficient budgetary allocation and efficient utilization of allocated resources in order to guarantee poverty reduction, sustainable livelihood and enhanced food security.
Keywords: Agriculture, economic diversification, cointegration, error correction term, sustainable development.