Oil price movements and agricultural production from heterogeneous sub-sectors: Analysing the Dutch disease in an African resource-rich economy

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dc.authorid0000-0001-7100-6598en_US
dc.authorid0000-0002-6459-9898en_US
dc.authorid0000-0003-4621-7697en_US
dc.contributor.authorIke, George N.
dc.contributor.authorUsman, Ojonugwa
dc.contributor.authorKöksal, Cihat
dc.date.accessioned2023-11-13T13:43:51Z
dc.date.available2023-11-13T13:43:51Z
dc.date.issued2023en_US
dc.departmentFakülteler, İşletme Fakültesi, İktisat Bölümüen_US
dc.description.abstractThe economy of a developing country like Nigeria has evolved from a strong dependence on agricultural exports in the 1960s to an unhealthy reliance on crude oil exports. This has led to a large agricultural trade deficit that requires a better understanding of the dynamic relationship between oil price booms and agricultural production. To this end, the study not only isolates the effect of oil price movements on agricultural production from heterogeneous sub-sectors in Nigeria but also tests for Dutch disease symptoms using annual data from 1970 to 2019. Employing the auto-regressive distributed lag (ARDL) cointegration and dynamic simulations as well as dynamic Granger causality techniques, the study shows that in the long run, oil price booms affect the food sector and the livestock sector heterogeneously. An increase in the oil price undercuts the production performance of the food sector. Also, because of the strong linkage between domestic livestock production and the global livestock market, an increase in domestic production has a weak predictive content for oil price booms. The policy implications of these findings include the sterilization of oil revenues outside the country and collaboration with foreign investors to provide much-needed investment in the agricultural sector through various incentive schemes.en_US
dc.identifier.doi10.1111/1477-8947.12343en_US
dc.identifier.scopus2-s2.0-85173524448en_US
dc.identifier.scopusqualityN/Aen_US
dc.identifier.urihttps://hdl.handle.net/11467/7032
dc.identifier.urihttps://doi.org/10.1111/1477-8947.12343
dc.identifier.wosWOS:001076585300001en_US
dc.identifier.wosqualityQ2en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherJohn Wiley and Sons Incen_US
dc.relation.ispartofNatural Resources Forumen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectAfrican resource-rich economy, agricultural production, Dutch disease, dynamic ARDL simulations, oil price fluctuationsen_US
dc.titleOil price movements and agricultural production from heterogeneous sub-sectors: Analysing the Dutch disease in an African resource-rich economyen_US
dc.typeArticleen_US

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