Impact of Fishery Agricultural Loans and Co-Operators’ Insurance Premium on Economic Growth of Fishery Production Sub-Sector in Nigeria
Journal Title: IOSR Journal of Economics and Finance (IOSR-JEF) - Year 2019, Vol 10, Issue 1
Abstract
The study analyzed the effect of fishery agricultural loans and insurance premium on the economic growth of fishery production sub-sector in Nigeria. It adopted ex-post facto research design, in which data obtained from Nigeria Agricultural Insurance Corporation and Statistical bulletins of Central Bank of Nigeria from 1989-2015 were used for analysis. Descriptive statistics, graphs, ordinary least squares, one sample t-test and co-integration were applied. Regression models were used to test hypotheses. Findings showed that agricultural loans on fishery production have a positive significant effect on economic growth in fishery production with coefficient value of 0.753036, t-value of 8.55006 and p-value of 0.0000. The result of cointegration revealed the presence of co-integration at r=0 which has positive effect on the normalized long run coefficient. Insurance premium on fishery has a positive significant effect with coefficient value of 0.939288, tvalue of 11.7996 and p-value of 0.0000. The paper concluded that what the Banks spend in terms of loans and the Nigeria Agricultural Insurance Corporation charges as premium on fishery are significant to the cooperative farmers, as well as to the economic growth of fishery production sub-sector in Nigeria.Co-operative farmers are therefore advised to continue to seek agricultural loans to improve production since their economic well-being is increasingly being sustained, while provision of fish as a protein source is made available, accessible and affordable to Nigerians.
Authors and Affiliations
ChilokwuOkechukwu PhD, Sotonye M. George, EgorHikarofemI. PhD, AkubuikeN. Eluwa PhD
Keywords
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- EP ID EP434317
- DOI 10.9790/5933-1001016068.
- Views 221
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