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The Effect Of Monetary Policy On Agricultural Output In Nigeria
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1.5 Significance of Study
Most researches on
the Nigerian agricultural sector has not been specific enough in terms
of laying emphasis on credit availability in relation to monetary policy
and the actions of the Central Bank of Nigeria as it affects the rural
farmer and agricultural businesses, which affect the total agricultural
output in the economy.
This research is specific, it emphasizes the
effect of the government’s actions through monetary policy on
agricultural output, which will immensely contribute to current
knowledge on the topic under research.
1.6 Research Questions
1) What effect(s) will monetary policy instruments have on agricultural output?
2)
How can we use liquidity ratio, prime lending rate, cash reserve ratio,
agricultural credit guarantee scheme fund and money supply to enhance
agricultural crop output?
3) Is there a long-run relationship
between real exchange rates, monetary policy rate, private investments
in agriculture, agricultural credit guarantee scheme fund, and
agricultural output?
1.7 Hypothesis of the Study
Ho:
there is no relationship between liquidity ratio, prime lending rate,
cash reserve ratio, money supply, ACGSF and agricultural output.
H1:
there is a relationship between liquidity ratio, prime lending rate,
cash reserve ratio, money supply, ACGSF and agricultural output.
Ho: there is no long-run relationship between real exchange rate, MPR, investment, ACGSF and agricultural output.
H1: there is a long-run relationship between real exchange rate, MPR, investment, ACGSF and agricultural output.
1.8 Methodology of the Study
A
Descriptive Statistical Analysis as well as an Econometric Analysis
using the Johansen cointegration test and a vector error correction
method (VECM) were the methods employed to carry out an investigation
on the subject matter.
1.9 Data Sources
Data for this
study is be obtained from CBN Annual Report, Statement of Accounts
(2006), Statistical Bulletin (2006) volume 16 and the United Nations
Statistical Database.
1.10 Outline of Chapters
This study is
divided into five chapters where chapter one is the introduction,
chapter two is made up of literature review and theoretical framework,
chapter three consists of the research methodology, chapter four carries
out the data interpretation and analysis, and finally chapter five
gives a summary, findings and conclusion and ends with a recommendation.
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