Performance Evaluation of Various Policy Regimes Toward Agricultural Growth in Nigeria
[1]
Udah S. C., Dept. of Agricultural Economics and Extension, Abia State University, Uturu, Abia State, Nigeria; Division of Resource Management, West Virginia University, Morgantown, West Virginia, U. S. A..
[2]
Nwachukwu I. N., Dept of Agribusiness and Management, Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria.
[3]
Akpan S. B., Dept. of Agricultural Economics and Extension, Akwa Ibom State University, Uyo, Akwa Ibom, Nigeria.
In the last thirty years, the performance of the agricultural GDP in Nigeria has been decimally, declining from 64 percent share of gross domestic product (GDP) in 1960 to 44 percent in 2010. In response to this scenario, this study evaluated the performance of various policy regimes that managed the resources of Nigeria from 1961 to 2010. This is with the goal of identifying the regime that is the best in growing the agricultural sector for recommendation. The study estimated the exponential trend of the agricultural sector and analysed such growth under different policy regimes. Time series secondary data were used. Data analysis involved the use of exponential or log-linear trend. The result of the trend analysis confirmed deceleration of the agricultural sector. The result also showed that the period (1995-2010) of liberalization policy regime topped other policy regime periods in confirming acceleration in agricultural output growth. The result also showed that the mean growth of Agricultural GDP under liberalization policy regime fared better than the rest of the policy regimes. This implied that the liberalization policy is positively related to agricultural output growth and has some structures that could enhance growth. The study advocated for policy of accelerated investment on public goods that supports agricultural production and marketing such as development of human capital through education, rural infrastructure, irrigation and power supply. This is because the deceleration confirmed was as a result of sustained marginalization of the agricultural sector in the past. The study further recommended guided liberalization of the economy.
Agricultural GDP Growth, Exponential Trend, Policy Regime, Liberalization Policy, Accelerated Investment
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