Regression Analysis on the Impact of Agriculture, Industry and Service Sector on Economic Growth in Nigeria

Crossmark

Article Sidebar

Page Numbers: 649-663
Download PDF
Published: Aug 28, 2024
Digital Object Identifier: 10.58578/ajstea.v2i5.3772
Save this to:
Save to Mendeley Download RIS

Article Metrics:
Viewed: 923 times
Downloaded: 332 times
Article can trace at:

Author Fee:
Free Publication Fees for Foreign Researchers (USD 0.00)
Check for article on SINTA:

LYAS Publisher cordially invites qualified professionals to serve as Editors or Reviewers. Your expertise will make an important contribution to maintaining and strengthening the academic quality of our publications. Interested applicants are kindly requested to complete the application form at the following link: Editors & Reviewers

Connected Papers:
Connected Papers


Please feel free to contact us if you need any further information about the submission process or if you have any additional questions.


Authors:
Ibrahim Michael1, Clement Akobi2*, Mathew Stephen3
Copyright :

Authors retain copyright and grant the journal right of first publication.

Explore Our Journals
Find the journal that best fits your research. If this journal does not match your manuscript’s scope, explore our portfolio below to select a more suitable publication venue.

Main Article Content

Ibrahim Michael
Modibo Adama University, Yola, Nigeria
Clement Akobi
Federal University Wukari, Nigeria
Mathew Stephen
Kwararafa University Wukari, Nigeria

Abstract

This study investigates the impact of agriculture, industry, and the service sector on Nigeria's economic growth from 1990 to 2022, using data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin. Employing an Ordinary Least Squares (OLS) regression model, the research explores the contributions of these key sectors to Nigeria's Gross Domestic Product (GDP). The findings reveal that the industrial sector has a significant positive effect on GDP, emphasizing its crucial role in driving economic growth. The agricultural sector also contributes positively, though its impact is relatively modest, highlighting the need for modernization and investment to enhance productivity. Surprisingly, the service sector shows a statistically significant negative impact on GDP, contrary to its traditionally recognized role in economic expansion. This anomaly suggests underlying structural issues within the sector that require further investigation. The study's model explains approximately 59.65% of the variation in GDP, with no significant evidence of autocorrelation, heteroskedasticity, or multicollinearity affecting the results. Based on these findings, the study recommends targeted policy interventions to improve agricultural productivity, strengthen industrialization efforts, and reform the service sector to foster balanced and sustainable economic growth in Nigeria.

Keywords:
Share Article:

Citation Metrics:

Scopus

Downloads

Download data is not yet available.

Citation Metrics & Similar Scopus Articles

Data source Crossref
0
citations
Citation counts are source-specific and may differ because database coverage, reference matching, and update schedules are different. Counts are not added together. Crossref values represent citation links registered and matched by Crossref.
Check Secondary Documents in Scopus
Open this article in Scopus, then check the Secondary documents tab. Use Manual Citation Fallback only for counts you have verified manually.
Open in Scopus
Similar Scopus Articles
Scopus
  1. Berenjian K. (2027)
    Impact of Mild Traumatic Brain Injury (mTBI) on CYP2D6 Activity and the Restorative Effects of Melatonin and Vitamin C Supplementation
    Iranian Journal of Pharmaceutical Research, 26(1)
  2. Achilova S.S. (2027)
    Activation of the mineralized mass of Central Kyzylkum using acidic wastewater from the oil and fat industry: Freundlich-based adsorption kinetics for fluorine release
    Kompleksnoe Ispolzovanie Mineralnogo Syra, 342(3), 65-79
  3. Khabiyev A.T. (2027)
    Use of Industrial By-products from Metallurgical Production for the Development of Heat-Resistant Building Mixes and their Molding in an Improved Device
    Kompleksnoe Ispolzovanie Mineralnogo Syra, 341(2), 16-26

Article Details

How to Cite
Michael, I., Akobi, C., & Stephen, M. (2024). Regression Analysis on the Impact of Agriculture, Industry and Service Sector on Economic Growth in Nigeria. Asian Journal of Science, Technology, Engineering, and Art, 2(5), 649-663. https://doi.org/10.58578/ajstea.v2i5.3772

Creative Commons License
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

References

Adebayo, A. J. (2018). Asset Management and Organizational Financial Performance Among Listed Industrial Goods Firms in Nigeria (Master's thesis, Kwara State University (Nigeria)).

Adebayo, O., Bolarin, O., Oyewale, A., & Kehinde, O. (2018). Impact of irrigation technology use on crop yield, crop income and household food security in Nigeria: A treatment effect approach.

Adeboye, A., & Olusegun, A. A. (2020). Investigating Dividends Policy and Market Value of Shares in Selected Quoted Deposit Money Banks in Nigeria.

Adegbite, O. O., & Machethe, C. L. (2020). Bridging the financial inclusion gender gap in smallholder agriculture in Nigeria: An untapped potential for sustainable development. World Development, 127, 104755.

Bello, A. A., Owoseni, J. O., & Fatoyinbo, I. O. (2019). eval_uation of plasticity and consolidation characteristics of migmatite–gneiss-derived laterite soils. SN Applied Sciences, 1, 1-11.

Chukwuma and Nnadi (2021). GIS-Based Vulnerability eval_uation of Climate Change Hazards of Flood and Erosion Using an Integrated IVFRN-DEMATEL-ANP Decision Model. In Climate Change Impacts on Nigeria: Environment and Sustainable Development (pp. 379-408). Cham: Springer International Publishing.

Daniel and Okafor (2020). The cross-section of risk and returns. The Review of Financial Studies, 33(5), 1927-1979.

Eze, C. C., Ezenwa, N., & Chikezie, C. (2020). Effect of the Nigerian Stock Exchange on Economic Growth in Nigeria: Perspectives from Local Investors. Nigerian Journal of Agricultural Economics, 10(1), 18-28.

Eze and Chikezie (2019). Effect of the Nigerian Stock Exchange on Economic Growth in Nigeria: Perspectives from Local Investors. Nigerian Journal of Agricultural Economics, 10(1), 18-28.

Eze, S. U., Orji, O. M., Onoriode, A. E., Saleh, S. A., & Abolarin, M. O. (2022). Integrated geoelectrical resistivity method for environmental assessment of landfill leachate pollution and aquifer vulnerability studies. Journal of Geoscience and Environment Protection, 10(9), 1-26.

Fagbemi and Oladipo (2019). Role of Agriculture and Industry in Nigeria's Economic Growth. Food and Agriculture Organization

George and Ibrahim (2020). Sectoral Analysis of Economic Growth in Nigeria. World Bank.

Hassan and Uche (2021). The Impact of Sectoral Output on Economic Growth in Nigeria. World Bank.

Ikenna and Uzochukwu (2019). Industrial Output and Economic Growth in Nigeria. International Monetary Fund (IMF).

Kelechi and Olayinka (2021). eval_uating the Role of Services in Nigeria's Economic

Ministry of Budget and National Planning. (2017). Economic Recovery and Growth Plan (ERGP).

Ndukwe, E. (2023). Telecommunications and Economic Development in Nigeria. Journal of Information and Communication Technology.

Olanrewaju, T., & Akinpelu, F. (2021). The Role of Oil in Nigeria’s Industrial Growth. Journal of Energy and Development Studies.

Oyekale, A., & Ogunniyi, J. (2019). Agricultural Contributions to Nigeria's GDP. Journal of Agricultural Economics and Development.

Udoh, F., Amarteifio, B., & Akwetey, F. (2021). Service Sector and Economic Growth in Nigeria. Journal of Economic and Financial Analysis.

Most read articles by the same author(s)