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FISHERY PRODUCTION AND ECONOMIC GROWTH IN NIGERIA: PATHWAY FOR SUSTAINABLE ECONOMIC DEVELOPMENT
ABSTRACT
This research was carried out to examine the relationship between fishery production and economic growth with a view to drawing up relevant implication for sustainable economic development in Nigeria. Time series data on index of fishery production and real gross domestic product covering 1970 to 2011 were utilized in this study. Augmented Dickey Fuller(ADF) test, Vector autoregression(VAR) lag order selection test and granger causality test were employed in the data analysis and the results indicate that fishery production does not granger cause economic growth and this implies that fishery production was not significant in influencing economic growth over the period under study and this was attributed to the low domestic fishery output of Nigeria and the considerable loss of foreign exchange earnings due to the growing fish importation to bridge demand-supply gap. The implication of this finding is that the untapped potential for fishery production must be optimally harnessed to stem down the loss of foreign exchange in importing fish, provide employment for many along the fish value chain, contribute to poverty reduction and ultimately foster sustainable economic development of Nigeria.
Keywords: Fishery, Production, Economic growth, Development, Protein.