DO COMMODITY PRICES INFLUENCE ECONOMIC GROWTH IN NIGERIA?

DO COMMODITY PRICES INFLUENCE ECONOMIC GROWTH IN NIGERIA?

Author by Mr. Dasauki Musa

Journal/Publisher: Journal Of Business & Economy

Volume/Edition: 11

Language: English

Pages: 13 - 24

Abstract

The study applied the ARDL model to investigate the impact of 7 agricultural
commodity prices (corn, palm oil, groundnut oil, rice, beef, and chicken and oil),
on economic growth in Nigeria. Annual Time-series data from 1980-2018 were
collected from the World Bank Pink Sheet, and the Central Bank of Nigeria.
Results show that in the short run, beef prices, corn prices, groundnut oil prices,
palm oil prices, and soya oil prices, have a positive impact on gross domestic
product (GDP). Similarly, the long-run agric commodity prices, exchange rate, oil
prices have a positive but insignificant effect on gross domestic product. These
commodities have the potential to drive economic growth in Nigeria. Oil prices
have larger sway than Agricultural commodities.


Other Co-Authors