Causality between Agricultural Investments, Inflation and  Interest Rates in Nigeria

Maduike, I. A; J. C. Nwaru; O. R. Iheke; C. C. Eze; O. B. Ibeagwa

doi:10.9734/ajeba/2024/v24i121620

Research Article Open access CC BY 4.0

Causality between Agricultural Investments, Inflation and Interest Rates in Nigeria

Maduike, I. A, J. C. Nwaru, O. R. Iheke, C. C. Eze, O. B. Ibeagwa

Asian Journal of Economics, Business and Accounting · pp. 453–464 · Published 21 Dec 2024

10.9734/ajeba/2024/v24i121620

Abstract

This study examined the linkages between agricultural investment (comprising Foreign Direct Investment in agriculture, government investment in agriculture and private sector investment in agriculture), inflation rate and interest rate in Nigeria (1981 – 2020). Data for the study were sourced from Central Bank of Nigeria (CBN) and, Food and Agriculture Organization (FAO), and analyzed using Granger causality tests. Results showed that government investment in agriculture (p < 0.05) and private sector investment in agriculture (p < 0.1) has significant uni-directional causality to the level of agricultural foreign direct investment in Nigeria. Also there was uni-directional causality from inflation rate to interest rate (significant at 10%). It was recommended that public and private sectors’ investment in agriculture should be strategic to attract foreign investments in order to boost the productivity of agriculture in Nigeria.

Foreign direct investment agricultural investment public/government investment in agriculture private sector investment in agriculture inflation rate interest rate

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Maduike, I. A, J. C. Nwaru, O. R. Iheke, C. C. Eze, O. B. Ibeagwa (2024). Causality between Agricultural Investments, Inflation and Interest Rates in Nigeria. Asian Journal of Economics, Business and Accounting , 453–464. https://doi.org/10.9734/ajeba/2024/v24i121620

Affiliations

Maduike, I. A — Agribusiness Department, Federal University of Technology, Owerri, Nigeria.
J. C. Nwaru — Agricultural Economics Department, Michael Okpara University of Agriculture, Umudike, Nigeria.
O. R. Iheke — Agricultural Economics Department, Michael Okpara University of Agriculture, Umudike, Nigeria.
C. C. Eze — Agribusiness Department, Federal University of Technology, Owerri, Nigeria.
O. B. Ibeagwa — Agricultural Economics Department, Federal University of Technology, Owerri, Nigeria.

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