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Exploratory Model of the Impact of Agriculture on Nigerian Economy

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Exploratory Model of the Impact of Agriculture on Nigerian Economy


Okeke, Evelyn Nkiruka | Okeke, Joseph Uchenna

https://doi.org/10.31142/ijtsrd162



Okeke, Evelyn Nkiruka | Okeke, Joseph Uchenna "Exploratory Model of the Impact of Agriculture on Nigerian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4, June 2017, pp.523-531, URL: https://www.ijtsrd.com/papers/ijtsrd162.pdf

This paper explored four models in determining the impact of four agricultural sub-sectors of on the Nigerian GDP. The data is on the contribution of four different sub-sectors of agriculture on Nigerian Economy and was obtained from Central Bank of Nigeria statistical bulletin. The findings revealed that ridge regression and PCR are good regression estimation methods for predicting GDP. From the models there is strong indication that fish production in Nigeria is too insufficient to sustain her ever increasing population and improve her economy. Also, the ever increasing demand for fish by Nigerians due to high cost of meat in the market is clearly shown in the models and this stands to say that a lot need to be done to improve fish production in Nigeria to ensure sustainable growth and development.

Gross Domestic Product (GDP), Agriculture, Economy, Crop production, Livestock production, Fishery, Forestry, Multicollinearity, Ridge regression, PCR, Adjusted R-squared, Standard error of the estimate


IJTSRD162
Volume-1 | Issue-4, June 2017
523-531
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

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