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EFFECT OF COMMERCIAL BANKS’ CREDIT ALLOCATED TO AGRICULTURAL SECTOR ON ECONOMIC GROWTH IN NIGERIA

The empirical literatures on the effect of commercial banks’ credit allocated to agricultural sector on economic growth in Nigeria are mixed. The objective of this paper is to evaluate the effect of commercial banks’ credit allocated to agricultural sector on economic growth in Nigeria from 2014q1 to 2020q4 using error correction model (ECM). The results of the investigation revealed that commercial banks’ credit allocated to agricultural sector had a significant positive effect on economic growth in Nigeria. A 1% increase in commercial banks’ credit allocated to agricultural sector led to 23.37% increase in real GDP in Nigeria. The commercial banks’ credit allocated to other sectors did not spur economic growth in Nigeria. The agricultural sector is the backbone of Nigerian economy. The apex bank should ensure that the commercial banks are efficient in the allocation of resources. The Central Bank of Nigeria should direct the commercial banks to allocate the highest percentage of their credit to agricultural sector in order to achieve a sustainable agri-food system and economic growth in Nigeria. 
Keywords: Institutions and Economic Growth, Error Correction Model, Nigeria. 
JEL Classification: E51, O43, Q14, C24