Abstract
Available data indicated that, some traditional agricultural export commodities like cocoa and rubber have remained on Nigeria’s agricultural export list, while others like groundnut and coffee have almost disappeared from the export list. In the same vein, non-traditional agricultural export commodities like sesame seed and cashew nuts have started featuring prominently on the export list. In line with theory, the econometric analysis carried out confirmed that a major policy change, which can provide a boost for agricultural exports, is the depreciation of the real exchange rate. For all the agricultural export commodities analyzed in the study, the coefficient of the exchange rate was positive and highly significant.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Adesoji, A. A., & Sotubo, O. D. (2013). Non-oil exports in the economic growth of Nigeria: A study of agricultural and mineral resources. Journal of Educational and Social Research, 3(2), 403–418.
Adubi, A. A. (1996). The design and management of sectoral policies in Nigeria: Agriculture and economic reform programme. In M. I. Obadan & M. A. Iyoha (Eds.), Macroeconomic policy analysis: Tools, techniques and applications to Nigeria (pp. 361–385). Ibadan: National Centre for Economic Management.
Anyanwu, C. M., Ukeje, E. O., Amoo, B. A. G., Igwe, N. N., & Eluemunor, C. A. (2010). The agricultural sector. In C. N. O. Mordi, A. Englama, & B. S. Adebusuyi (Eds.), The changing structure of the Nigerian economy (pp. 109–178). Abuja, Nigeria: Published by the Central Bank of Nigeria.
Akinyemi, O., Efobi, U., Asongu, S., & Osabuohien, E. (2019). Renewable energy, trade performance and the conditional role of finance and institutional capacity in sub-Sahara African countries. Energy Policy, 132, 490–498. https://doi.org/10.1016/j.enpol.2019.06.012.
Beecroft, I., Osabuohien, E., Efobi, U., Olurinola, I., & Osabohien, R. (2020). Manufacturing export and ICT infrastructure in West Africa: Investigating the roles of economic and political institutions. Institutions and Economies, 12(1), 1–37.
Central Bank of Nigeria. (2001–2015). Annual report and statement of accounts, Various Issues, 2001–2015.
Central Bank of Nigeria. (2015). Annual report and statement of accounts for 2015. Abuja, Nigeria.
Englama, A., Oputa, N. C., Duke, O. O., Sanni, G. K., Yakub, M. U., & Ogunleye, T. S. (2010). The external sector. In C. N. O. Mordi, A. Englama, & B. S. Adebusuyi (Eds.), The changing structure of the Nigerian economy (pp. 535–577). Abuja: Central Bank of Nigeria.
Evbuomwan, G. O. (1996). Strategies for revitalizing the export crop sub-sector of the Nigerian agricultural economy. In Selected Papers of the 1996 Annual Conference. Ibadan, Nigeria: The Nigerian Economic Society.
Evbuomwan, G. O. (2004). Financing agri-business in Nigeria: Challenges and prospects. In P. B. Okuneye & G. O. Evbuomwan (Eds.), Proceedings of the 7th African Farm Management Association (AFMA), Conference, Abuja (pp. 272–297). Ibadan: Daily Graphics Nig. Ltd.
Evbuomwan, G. O. (2016). Diversification of the Nigerian economy: Agriculture and solid minerals as panacea. Bullion, 40th Anniversary, 1976–2016, 1(40), 50–62.
Eyo, E. O. (2008). Macroeconomic environment and agricultural sector growth in Nigeria. World Journal of Agricultural Sciences, 4(6), 781–786.
Federal Ministry of Agriculture Water Resources and Rural Development. (1988). Agricultural policy for Nigeria: Strategies for implementation. Lagos, Nigeria.
National Bureau of Statistics. (2017, May). Nigeria’s gross domestic product, 1st Quarter, 2017. Abuja, Nigeria.
National Bureau of Statistics. (2018, February). Nigeria’s labour force statistics. Abuja, Nigeria.
National Bureau of Statistics, Central Bank of Nigeria, Federal Ministry of Agriculture and Rural Development, & Federal Ministry of Trade and Investment. (2013, May). National survey on agricultural exportable commodities. Abuja, Nigeria.
Ogiogio, G. O. (1996). Exchange rate policy, trade policy reform and the balance of payments. In M. I. Obadan & M. A. Iyoha (Eds.), Macroeconomic policy analysis: Tools, techniques and applications to Nigeria (pp. 103–135). National Centre for Economic Management: Ibadan.
Othuon, V. O., & Oyugi, M. A. (2017). The impact of key macroeconomic variables on agricultural infrastructure investment and output in Kenya. Journal of Economics and Sustainable Development, 8(22), 188–191.
Osabuohien, E., Efobi, U., Odebiyi, J., Fayomi, F., & Salami, A. (2019). Bilateral trade performance in West Africa: Gravity model estimation. African Development Review, 31(1), 1–14. https://doi.org/10.1111/1467-8268.12359.
Rudiger, D., Stanley, F., & Richard, S. (2001). Macroeconomics (8th ed.). New York: McGraw Hill/Irwin.
United Nations Industrial Development Organization. (2011). Agribusiness for Africa’s prosperity (Kandeh K. Yumkella, Patrick M. Kormawa, Torben M. Roepstorff, & Anthony M. Hawkins, Eds.). UNIDO.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 The Author(s)
About this chapter
Cite this chapter
Evbuomwan, G.O., Olokoyo, F.O., Adesina, T., Okoye, L.U. (2020). Boosting Non-oil Export Revenue in Nigeria Through Non-traditional Agricultural Export Commodities: How Feasible?. In: Osabuohien, E.S. (eds) The Palgrave Handbook of Agricultural and Rural Development in Africa. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-41513-6_27
Download citation
DOI: https://doi.org/10.1007/978-3-030-41513-6_27
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-41512-9
Online ISBN: 978-3-030-41513-6
eBook Packages: Political Science and International StudiesPolitical Science and International Studies (R0)