Monetary Policy and Agricultural Development: Implication for employment in Nigeria:- Emmanuel Queen A

ABSTRACT

A major gap in the Nigeria's industrial sector development process in the past has been the absence of Agricultural sub-sector. The study investigates monetary policy and agricultural development and their implications for unemployment in Nigeria. This is carried out using a simple econometric method of analysis with secondary data from 1981 to 2018 and were from World Bank and CBN publications. Following the findings of this study, is can be seen that commercial bank lending to agricultural sector has come to a point in Nigeria where it stimulates investment and encourage individuals to move into agricultural businesses. Agricultural sector Development has a remarkable contribution to gross domestic product in Nigeria for the period under study. And this has given the idea that agricultural sector has the ability to grow the economy faster than any other sector if attention is paid to it. It is also observed that improving the efficiency of this sector is an investment into reducing unemployment in the country and stabilizing prices. The study recommends that government should as a deliberate policy, encourage rural based industrialization whereby investors from different communities should be encouraged to establish agricultural sector that will be based entirely on local raw materials, including machines and equipment.