IMPLICATIONS OF MACRO-ECONOMIC VARIABLES FOR NATIONAL FOOD SECURITY IN NIGERIA

Open Journal of Agricultural Science

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Field Value
 
Title IMPLICATIONS OF MACRO-ECONOMIC VARIABLES FOR NATIONAL FOOD SECURITY IN NIGERIA
 
Subject error correction model
food security
implications
macro-economic variables
Nigeria
 
Description In recent time, the impact of macro-economic variables on agriculture has become an issue of concern in terms of securing adequate food supply for the populace. This study evaluated the implications of macro-economic variables for national food security in Nigeria. This study made use of time series data sourced from the publications of Central Bank of Nigeria Annual Reports, Statistical Bulletins and the National Bureau of Statistics spanning from 1995 to 2015. The Autoregressive Distributed Lag (ARDL) co-integration test with Error Correction Model (ECM) was adopted to substantiate the implications of these macro-economic variables. The results of the Augmented Dickey Fuller (ADF) test showed that Food security, Interest rate, Exchange rate, Net export and Government expenditures were non stationary at their respective level forms and became stationary at first difference. While Inflation and Money supply were found to be stationary at level form. ARDL bounds test for co-integration confirms the existence of long run relationship between the variables. The results of long run and short run relationships shows that Interest rate, Inflation, Government expenditures and Money supply were both significant at 5% and 1% levels indicating that these variables had a significant impact on food security. The estimated error correction coefficient of -0.7996 is highly significant, has the correct sign, and implies a fairly high speed of adjustment to equilibrium after a shock. However, these findings recommend farmers in Nigeria to take good advantage of the linkages between macroeconomic variables and agricultural productivity, as this useful information can assist them to boost their land productivity, hence increased food security at all times.
Osuji, E. E. | Department of Agricultural Economics, Michael Okpara University of Agriculture Umudike (MOUAU), Abia State, Nigeria
 
Publisher Open Journals Nigeria
 
Date 2020-03-10
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Identifier https://www.openjournalsnigeria.org.ng/journals/index.php/ojas/article/view/88
 
Source Open Journal of Agricultural Science (ISSN: 2734-214X); Vol. 1 No. 1 (2020): OJAS 2020 First Issue; 1-11
2734-214X
 
Language eng
 
Relation https://www.openjournalsnigeria.org.ng/journals/index.php/ojas/article/view/88/95
 
Rights Copyright (c) 2020 Osuji et al.
https://creativecommons.org/licenses/by/4.0/
 

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