@article{Nwosa:333949,
      recid = {333949},
      author = {Nwosa, Philip Ifeakachukwu},
      title = {Complement or substitute: Private investment, public  expenditure and agricultural productivity in Nigeria},
      journal = {African Journal of Agricultural and Resource Economics},
      address = {2021-09-01},
      number = {311-2023-792},
      month = {Sep},
      year = {2021},
      abstract = {This study examines the complementarity and  substitutability effect of private investment and public  expenditure on agricultural productivity in Nigeria for the  period 1978 to 2018. The study employs the vector error  correction modelling (VECM) technique, and the estimate  shows that government expenditure on the agricultural  sector had the most significant effect on agricultural  productivity, followed by commercial bank credit for the  agricultural sector. Also, the study found that public  expenditure (proxied by government expenditure on the  agricultural sector) and private investment (proxied by  commercial bank credit for the agricultural sector) are  complementary investments in promoting agricultural  productivity, while public expenditure on the agricultural  sector and foreign direct investment are substitute  investments. The study recommends that budgetary allocation  to the agricultural sector should be increased, and that  commercial banks should be strengthened through the  monetary authority by advancing more loans to agricultural  businessmen and businesswomen at a reduced lending rate.},
      url = {http://ageconsearch.umn.edu/record/333949},
      doi = {https://doi.org/10.22004/ag.econ.333949},
}