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Title:Explaining investment allocation to agriculture in Nigeria: beyond the domestic terms of trade (DTT) hypothesis
Author:Dike, Enwere
Periodical:The Nigerian Journal of Economic and Social Studies
Geographic term:Nigeria
Abstract:This paper employs evidence from the 1970s to the mid-1990s. It attempts to explain the driving influence in investment allocation to agriculture in Nigeria. Investment allocation refers to the proportion of aggregate investment flows in the economy captured by the agricultural sector. Neoclassical theory stresses the importance of the domestic terms of trade (DTT) factor to explain intersectoral investment allocation, but it discounts structural and institutional influences. This paper disputes the relevance of the DTT hypothesis and adopts the hypothesis that in contexts with pervasive market imperfections, structural and institutional factors constitute the driving force in investment allocation (in agriculture). Developments in agriculture in Nigeria in the 1970s to the mid-1990s validate this hypothesis. Bibliogr., sum. [Journal abstract]