Research Paper
Year: 2019 | Month: January | Volume: 6 | Issue: 1 | Pages: 129-133
On The Impact of Export Agricultural Commodity Price Index on Economic Growth in Nigeria
Oguagbaka, S. K1, Akalagboro, O. I2
1Department of Statistics, Federal Polytechnic, Oko, Anambra State, Nigeria
2Department of Statistics, Delta State Polytechnic, Otefe-Oghara, Delta State, Nigeria
Corresponding Author: Oguagbaka, S. K
ABSTRACT
This study examines the impact of export agricultural commodities price index on economic growth in Nigeria. The agricultural commodities considered in this study were live animals, animal products, vegetable product and prepared foodstuffs, beverages, spirits and vinegar, tobacco. Real Gross Domestic Product (GDP) was used as a proxy for economic growth. The objective of this study is to determine the export agricultural commodity price index that impact significant on economic growth in Nigeria. The data used in this study was obtained from Central Bank of Nigeria Statistical Bulletin 2017. Findings showed that the model obtained in the study was found to be adequate for estimating real GDP in Nigeria. Further findings revealed that export agricultural price index on prepared foodstuffs, beverages, spirits and vinegar, tobacco has significant impact on economic growth in Nigeria. Also, it was found that export agricultural price index on products such as live animals, animal products, and vegetable product does not significantly impact on economic growth in Nigeria. Hence, we recommend that government should invest more on areas such as was found that live animals, animal products, and vegetable product so that they will impact positively on economic growth in the near future there by strengthen the diversification agenda of the government.
Key words: Agricultural Commodities, Government, Live Animals, Vegetable Product, Price Index
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