Role of International Financial Institutions in Promoting Agriculture Value Added in Nigeria | Asia

This study looked into how foreign financial institutions helped Nigeria's agriculture value added. The study's main goal was to see how money from the International Finance Corporation, the International Fund for Agriculture Development (IFAD), and the African Development Bank influenced agriculture value addition. The investigation employed time series data from the World Development Indicators and the World Bank Database. The empirical tools employed in the investigation were dynamic least squares (DOLS), unit root, and cointegration tests. The unit root test revealed that all of the variables are of order one integration. The variables were also discovered to be cointegrated at the percent level, implying that agriculture value added has a long-term relationship with the independent variables. The findings demonstrated that funding from the International Finance Corporation had a long-term beneficial and considerable impact on agriculture value added to GDP. This conclusion emphasises the World Bank Group's major contribution to Nigeria's economic progress. IFAD, on the other hand, has a large positive impact on agricultural GDP value added. This finding demonstrates the IFAD's strategic role as a United Nations specialised agency in promoting agriculture development for poverty reduction. Furthermore, the findings revealed evidence of a large beneficial contribution of AfDB support to agriculture value added to GDP. Based on the findings, authorities should ensure that monies available from International Financial Institutions for farm sector development are correctly utilised to increase the agriculture sector's contribution to GDP growth.

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