Assessment of the Impact of Agricultural Policies on Economic Growth in Nigeria (1982-2024)

This study investigates the impact of agricultural policies on Nigeria's economic growth from 1982 to 2024. It analyzes the dynamic short-run and long-run relationships between economic growth, proxied by Real GDP, and key agricultural policy variables—budgetary allocation to agriculture and credit to agriculture—while controlling for macroeconomic variables such as inflation and interest rates. The findings indicate a stable long-run relationship among all the variables examined. Specifically, both budgetary allocation and agricultural credit exhibit a significant positive impact on economic growth in the long run. In the short run, interest rates show a positive effect, while inflation demonstrates an inverse relationship with growth. The study concludes that agricultural policies have been significant drivers of economic growth in Nigeria throughout the period under review. Consequently, it recommends that policymakers should enhance strategic agricultural financing, ensure proper implementation and monitoring to guarantee that funds reach the intended farmers, including new entrants such as graduates and unemployed youth, and promote agricultural exports by effectively harnessing existing schemes.