The Role Of Commercial Banks To The Industrial Development Sector In Nigeria (A Case Study United Bank For Africa (uba) (1980-2007)
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The Role Of Commercial Banks To The
Industrial Development Sector In Nigeria (A Case Study United Bank For Africa
(uba) (1980-2007)
ABSTRACT
In recent
decades, the potential contribution of agriculture to economic growth has been
a subject of much controversy among development economists. While some contend that agricultural
development is a pre-condition for industrialization, others strongly disagree
and argue for a different path.
Taking
advantage of Ordinary Least Square Method (OLD), the research carried out by
means of secondary data and using independent variables: Agricultural
Development, Capital Accumulation, Inflation Rate and Interest Rate re-examines
the question of whether agriculture could serve as an engine of growth for the
Nigerian economy
Results from
the empirical analysis shows that the productivity in agricultural sector has
not appreciably impacted positively on the economic growth in Nigeria.
TABLE OF
CONTENTS
Cover
Page .. .. .. .. .. .. ..
Title
Page .. ..
.. .. .. .. .. ..
Certification .. .. .. .. .. .. .. .. i
Dedication.. .. .. .. .. .. .. .. .. ii
Acknowledgement ..
.. .. .. .. .. .. iii
Abstract .. .. .. .. .. .. .. .. iv
Table of
Contents .. .. .. ..
.. .. v-vii
CHAPTER ONE
INTRODUCTION .. .. .. .. ..
..
1.1 Background of the Study ..
.. .. .. .. 1
1.2 Statement of Problem.. .. .. .. .. .. 12
1.3 Objectives of the Study .. ..
.. .. .. 15
1.4 Statement of Hypothesis ...
.. .. .. .. 16
1.5 Significance of the Study .. .. .. .. 16
1.6 Scope and Limitations of the Study ..
.. .. 17
CHAPTER TWO
LITERATURE REVIEW
2.1 Theoretical Literature .. .. ..
.. .. 18
2.1.1Agriculture
As A Passive Contributor to
Economic
Development (Classical School
of 1950s and
1960s). .. .. .. .. .. ..
30
2.1.2 Agricultural led Industrialization
(Classical
School of 1970s and 1980s)..
.. .. 31
2.1.3 Agricultural Linkages And Growth and
Development ..
.. .. .. .. .. .. 32
2.1.4 Problems Associated with Agricultural
Development 36
2.1.5 Empirical Literature ..
.. .. .. .. .. 45
2.2.1 Agriculture and Poverty Reduction .. .. .. 46
2.2.2 Agriculture and Nutrition ..
.. .. .. .. 47
CHAPTER
THREE
RESEARCH METHODOLOGY
3.1 Methodology .. .. .. ..
.. . . ..
51
3.2 Area of Study and Coverage .. ... ....
.. 52
3.3 Model Specification ..
.. .. .. .. .. 52
3.4 Data Sources ..
.. .. .. ..
.. .. 53
3.5 Method of Evaluation .. .. .. .. .. 54
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF RESULTS
4.1 Unit Root Test ..
.. .. .. .. .. 59
4.2 Co-Integration Test ..
.. .. .. .. .. 61
4.3 Economic Opinion, Interpretation .. .. .. 63
4.4 Statistical Criteria of the Result ..
.. .. ..
65
4.5 Econometric Criteria of the Result .. .. .. 68
CHAPTER FIVE SUMMARY, RECOMMENDATION AND
CONCLUSION
5.1 Summary of Findings .. .. .. .. .. 67
5.2 Policy Recommendation ..
.. .. .. .. 68
5.3 Conclusion .. .. .. .. .. ..
.. 70
Bibliography ..
.. .. .. .. .. .. ..
Appendix ..
.. .. .. .. .. .. .. ..
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Agriculture
is concerned with the husbandry of crops and animals for food and other
purposes. It is the foundation upon
which the development of stable human communities, such as rural and urban
communities has depended on in many parts of the world. The study of economic history provides us
with ample evidence that an agricultural revolution is a fundamental
pre-condition for economic development.
The agricultural sector has the potentials to be the industrial and
economic springboard from which a country’s development can take off. Indeed, more often than not, agricultural
activities are usually concentrated in the less developed rural areas where
there is a critical need for rural transformation, redistribution, poverty
alleviation and socio-economic development.
The
agricultural sector has the potentials to shape the landscape, provide
environmental benefits such as conservation, guarantee sustainable management
of renewable natural resources, preserve biodiversity and contribute to the
viability of rural areas. Through its
spheres of activities at both the macro and micro levels, the agricultural
sector is strategically positioned to have a high multiplier and linkage effect
on any nation’s quest for socio economic and industrial development.
The growth
of the agricultural sector in Nigeria was not smooth.
Anyanwu
(1967) held that during the colonial period between 1861 – 1960, attention was
given to agricultural research and extension services. Among the activities that was done, the first
was the establishment of a research station in Lagos by Sir Claude McDonald in
1893. Landmarks of 10.4 km was acquired
by the British Cotton Growing Association (BCGA) in 1899 for experimental
purposes strictly for cotton and was named Moor Plantation in Ibadan.
In 1912, the
Department of Agriculture was established in each of the then Southern and
Northern Nigeria, but the activities of the department were virtually suspended
between 1912 and 1921 as a result of the First World War and its
aftermath. The period 1929 and 1945 was
a difficult one for the agricultural sector of Nigeria. This was the period of great depression when
the world prices on commodities fluctuated.
This affected the agricultural sector negatively because the volume of
agricultural produce increased but the value did not increase proportionately.
The period
1945 – 1954 marked the period of export boom, because countries were just
recovering from the Second World War and countries that needed to develop their
destroyed industrial sector were many.
They depended on primary product for the beginning stage of
industrialization. They needed to revitalize their industrial sector by
demanding primary goods. Prices of
primary products rose higher again because there were speculations that there
would be a Third World War due to the outbreak of the Korean War. However, after this period, there came
another period of price instability.
This made the reliance on agriculture and its products to fall, leading
to the establishment of a market board.
This board bought these products from the local farmers and sold them
overseas.
In spite of
all the periods, Nigeria made a great revenue from agriculture. In the pre-Independence era, the agricultural
sector contributed most to the GDP of Nigeria.
Helleiner (1966) said that in 1929, export production amounted to 57% of
Nigeria’s revenue and in that 57%, agriculture made up about 80% of the
export. On attainment of political
independence in 1960, the trend was still very much the same, the Nigerian
economy could reasonably be described as an agricultural economy, because
agriculture served as the engine of growth of the overall economy (Ogen, 2003:
231-234), from the stand point of occupational distribution and contribution to
the GDP. Nigeria was the world’s second
largest producer of cocoa, largest exporter of palm oil. Nigeria was also a leading exporter of other
major commodities such as cotton, groundnut, rubber and hides and skins
(Alkali, 1997: 15-16). Between 1964 –
1965, agriculture accounted for 55% of GDP and employed 70% of the adult
workforce (Matton, 1981). In 1970,
agricultural export crops like cocoa, groundnut, cotton, rubber, palm oil, palm
kernel, etc. accounted for an average of between 65% - 75% of Nigeria foreign
exchange earnings and provided the most important source of revenue for the
Federal as well as State governments through export products and sale taxes
(Ekundare 1973), despite the reliance of Nigerian peasant farmers on
traditional tools and indigenous faming methods, these farmers produced 70% of
Nigeria’s exports and 95% of its food needs (Lawal, 1997: 195).
However, the
1967 – 1970 Civil War in Nigeria coincided with the ‘Oil Boom’ era, which
resulted in extensive exploration and export of petroleum and its
products. This led Nigeria to neglect
its strong agriculture in favour of an unhealthy dependence on oil (United States
Department of State, 2005). Ever since then, Nigeria has been witnessing
extreme poverty and insufficiency of basic food items. The agricultural sector contributions now
account for less than 5% of Nigeria’s GDP (Olagbaju and Fashola, 1996:
263). It is against this back drop that
we set out to research on the impact of agricultural development on Nigeria
economic growth.
As noted
earlier, the neglect of the agricultural sector and the dependence of Nigeria
on a mono-cultural crude oil based economy had not augured well for the
well-being of the Nigerian economy. In a
bid to address this drift, the Nigerian government as from 1975 became directly
involved in the commercial production of food and cash crops.
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