ASSESSMENT OF THE IMPACT OF CENTRAL BANK OF NIGERIA AGRICULTURAL INTERVENTION FUNDS ON ECONOMIC GROWTH IN NIGERIA

Abstract

This research examined the nexus between the various Central Bank of Nigeria (CBN) intervention funds in the agricultural sector and the economic growth of Nigeria. The study specifically examined the effects of Interest Drawback (IDB), Agricultural Credit Guarantee Scheme Fund (ACGSF) Anchors Borrowers Program (ABP), Nigerian Incentive-Based Risk sharing System for Agricultural Lending (NIRSAL), AND Financial Inclusion on Nigeria’s Economic Growth. Secondary data from 1995 to 2024, sourced from the CBN Bulletin, NIRSAL Website, National Bureau of Statistics, and Federal Ministry of Finance Website, was utilized for the study. The data were analysed using the Autoregressive Distributed Lag (ARDL) Model. The ARDL results revealed the existence of a long-run equilibrium relationship among the variables. IDB, ACGSF, ABP, NIRSAL, and Financial Inclusion exerted positive and statistically significant effects on GDP in the long run. The CBN should strengthen and expand agricultural intervention programmes while improving monitoring and evaluation mechanisms to enhance their contribution to economic growth.