Increased Agricultural Spending Boosts Nigeria's Economy, Lifts Rural Incomes
In this research, experts analyzed how increasing government spending on agriculture affects Nigeria's economy. They used a computer model to simulate the impact of a 10% rise in government agricultural expenditure. The data showed various changes across key economic sectors. Notably, the GDP went up by 0.28%, trade and communication increased by 1.05%, and exports rose by 0.98%. However, household consumption of government investments decreased by 2.00%. Different sectors, like rural education and investment, were also affected positively and negatively. The study concluded that increasing agricultural spending can have mixed effects on the economy, impacting GDP, prices, household income, and exports. The researchers suggested that policymakers should carefully consider such policies' broader effects on the economy.