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Agricultural Export and Macroeconomic Factors in Nigeria: The Bound Test Approach

Author

Listed:
  • Oluwatoyese Oluwapemi Oyetade

    (Landmark University, Nigeria.)

  • Abiola Asaleye

    (Landmark University, Nigeria.)

  • Olabisi Popoola

    (Landmark University, Nigeria.)

  • Adedoyin Lawal

    (Landmark University, Nigeria.)

Abstract

There has been many significant research efforts that have been devoted to understand the effects of macroeconomic factors on the agriculture in Nigeria. Thus, macroeconomic factors such as exchange rate and crude oil price over the period 1981 to 2016 examined the effects on agricultural export in Nigeria. This paper employed the ARDL bound test analysis since all the macroeconomic series used in the study are of mixed integrated order of stationarity. A Granger causality was also carried out in order to examine whether there is any predictive power of crude oil price for agricultural export. The findings showed that there exists a significant relationship between the agricultural export which is the dependent variable and the exchange rate but not in the case of the crude oil price. It also revealed that the variables do cause each other in some directions. In conclusion, there is long run relationship between exchange rates and agricultural export in Nigeria.

Suggested Citation

  • Oluwatoyese Oluwapemi Oyetade & Abiola Asaleye & Olabisi Popoola & Adedoyin Lawal, 2020. "Agricultural Export and Macroeconomic Factors in Nigeria: The Bound Test Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 10(2), pages 165-169.
    • Handle: RePEc:eco:journ2:2020-02-20
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    References listed on IDEAS

    as
    1. Alagh, Munish, 2011. "Agricultural Economy of India and Macro-Economic Effects: Some Empirical Results and a Research Agenda based on the Literature," IIMA Working Papers WP2011-09-01, Indian Institute of Management Ahmedabad, Research and Publication Department.
    2. Baek, Jungho & Koo, Won W., 2007. "Dynamic Interrelationships between the U.S. Agricultural Trade Balance and the Macroeconomy," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 39(3), pages 457-470, December.
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    More about this item

    Keywords

    Agriculture export; Macroeconomics factors; Crude oil price; Exchange rate;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B27 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - International Trade and Finance
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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