IMPACT OF LIVESTOCK FARMING ON ECONOMIC GROWTH IN NIGERIA

Abstract

This study examined the impact of livestock farming on economic growth in Nigeria from 1990 to 2021. It specifically examined the impact of livestock produce, value loans guaranteed to livestock farming and livestock exports on the economic growth of Nigeria. The study adopted ex-post facto research design, data were collected using both descriptive and quantitative analytical methods and the data were analysed using Vector Autoregressive (VAR) model. The study used ADF to check for stationarity properties of the variables used in the study. The normalized cointegration estimates were used to examine the long-run relationship between livestock farming and economic growth in Nigeria. Furthermore, the Johansen cointegration Vector Error Correction Mechanism (VECM) was used, specifically to know the speed of adjustment, that is, the possibility of the oscillated variables to random walk back to their equilibrium values. Findings revealed that livestock produce (LTP) has a negative and significant effect on the growth of real Gross Domestic Product in Nigeria in the long-run; that value of loans guaranteed to livestock has positive and significant influence on the growth of the Nigeria economy in the long-run; and that livestock export has negative but significant effect on real gross domestic product in Nigeria during the period of the study. The study therefore recommended among others that the livestock subsector must be given the needed attention through incentives by banks and government and appropriate legislative framework for the protection of infant and weak livestock producers should be put in place to encourage the consumption of domestically produced livestock produce.