REGRESSION ANALYSIS ON AGRICULTURAL PRODUCT ON GROSS DOMESTIC PRODUCT IN NIGERIA

Agriculture is the bedrock of economic growth and development among nations in the world. Thus, most nations all over the world make it a priority by developing and exploiting this sector for the feeding and earning of the revenue for development purposes. A study by world bank revealed that 65% of poor working adults rely on agriculture for a living. The sector accounted for one-third of the global Gross Domestic Product(GDP) and employs over 1.3billion people throughout the world or close to 40% 0f the global work force (World Bank group,2017). The Agricultural sector is considered as the engine and remedy to economic prosperity (Sertoglu et al.,2017). It has the propensity to aid in the eradication of poverty, and expand food security for an estimated 9.7 billion individuals by 2050 (World Bank,2019a). As compared to other sector- led growth is two times more capable of boosting the earnings of the poorest who are residents of rural areas where agriculture is predominated (World Bank 2019). Oathmen and Iyiola (2017) pointed out to the sector is the main source of income and employment for 70% of the world’s poor living in the rural areas and account for 10% of the Gross Domestic Product (GDP) in low and middle-income countries. In Africa specifically, the sector’s share of GDP was 12.7% and provided employment to more than 60% of the labor force (African Fact shet,2016). In Nigeria, the agricultural sector comprises of food and cash production (Crop Production), Livestock, Forestry and Fishery (CBN 2014). However, the discovery of oil in commercial quantity there was a total turnaround of the focused attention on agriculture, hence many Nigerians and the Government shifted attention to the quick income flowing from oil sector known as Dutch disease. Consequently, aggregate output of the agriculture began to fall and to the extent that the suppliers of food became importers of food. Food importation rose from₦298.8 million from 1975 to₦780.7 million and stood at ₦1,437.5 million. In 1999 the food import bill stood at ₦103, 489.8 million, by 2023 it was $2.13 billion. Besides, the available food supply become less than the food demand, hence the price of food arose. Due to unstable nature and performance of agriculture in the country, government at different levels have over decades instituted and carried out many policies and projects aimed at restoring agriculture to its veritable position in the economy, as well as measures for combating poverty but virtually, all could not take the sector to a promising land. Economic growth and development is perceived as one of the greatest desire of a poor nation. And that of Nigeria is impacted by agriculture through the provision of food and fiber for home consumption, human labor, supplies to industrial sector, foreign exchange generation through exports of agricultural products, rise in domestic saving and purchasing power of the rural populace (Poonyth et.al. 2001).