Nexus of exchange rate deregulation and agricultural share of gross domestic product in Nigeria.
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Date
2014
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Abstract
The kernel of this study was to examine the causal relationship between
exchange rate deregulation and the agricultural share of gross domestic
product in Nigeria from an econometric perspective using time series data
spanning a period of 26 years (1986 – 2011). Data on exchange rate and
gross domestic product were analysed using augmented dickey fuller unit root
test, unrestricted vector autoregression, pairwise granger causality and vector
error correction model. The results showed the existence of unidirectional
causality from exchange rate to agricultural share of gross domestic
production and also, exchange rate deregulation had negative influence on
agricultural share of gross domestic production in Nigeria. This implies that
market driven exchange rate policy has been having undesirable influence on
the trend in agricultural share of gross domestic production in Nigeria.
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Keywords
Agriculture, Exchange rate, Economy, Deregulation, Nigeria
Citation
17. Oyakhilomen, O., Falola, A. & Rekwot, G. Z. (2014): Nexus of exchange rate deregulation and agricultural share of gross domestic product in Nigeria. CBN Journal of Applied Statistics, 5(2):49-64. Available online at http://www.cenbank.org/Out/2015/SD/Nexus%20of%20Exchange%20Rate%20Deregulation%20and%20Agricultural%20Share%20of%20GDP%20in%20Nigeria.pdf