MONETARY POLICY AND AGRICULTURAL SECTOR OUTPUT IN NIGERIA
Abstract
ABSTRACT
This research work investigate the monetary policy and agricultural sector output in
Nigeria. Using secondary data from Commerical Bank of Nigeria (CBN) statistical
bulletin and world development indicators spanning from 1983-2023 which covers a
period of 41 years the study employed the ordinarly least square (OLS) techniques in
analyzing the time series data. The Independent variables used were Central Bank loans
to agriculture (CBLA), Exchange rate (EXCH), Government expenditure (GEX),
Investment (GFCF), Labour Force (LF), Money supply (MS) and a dependent variable
was Agricultural gross domestic product (AGOUT). The results of the model indicates
the morning supply (MS) as a significant positive effects on agricultural output and
CBLA showed a marginal insignificant effect on agricultural output. Based on the
Findings the study recommended that in order to improve monetary policy and
agricultural sector output in Nigeria. The stakeholders are recommended to the
Following Strategies; the Central Bank of Nigeria CBN should maintain a balanced
approached on expanding the money supply, the Government and Commercial bank
needs to reassess the structure of agricultural loan programmes, implement or expand
agricultural credit guarantee schemes and capacity building initiatives to improve
Financial Literacy among Farmers. these measures will positively impact monetary
policy or agricultural sector output in Nigeria.
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