Abstract
Investment in agriculture is very crucial in the present situation of Nigeria. The effort to overcome food insecurity can only be efficacious if steps in the right direction will be taken. At this juncture in the Nigerian economic history, the right step to take is to adequately finance agriculture in order to ensure sufficient food production and safety that will save the future of the country. This study emphasizes on investment in agriculture to guarantee food security in Nigeria. Several other studies focus on the numerous challenges food production in Nigeria suffer, however, it is important to come to a conclusion that agriculture requires huge financial investment to thrive. This study examines the impact of agricultural financing and output on food production using data from 2007−2019. The regression result reveals that agricultural output is significant and positive in affecting food production and safety but agricultural financing is immaterial in guaranteeing sufficient food production in the country. This result gives evidence that investment in the agricultural sector will be the solution to food insecurity in Nigeria. The government is by this study encouraged to increase the budget on agriculture in order to boost food supply and safety in the country.
Highlights
The ability of a nation to sustain agriculture remains a long lasting solution to food insecurity challenges ravaging most emerging nations in the present times
Where: Y = dependent variable – Food Production Index (FPI); X1 = Agricultural output (AOP); X2 = Agricultural Financing (AFN); β = parameters to be estimated, while β1, β2 are the coefficients of the independent variables; β0 = constant; e = error term
AOP t-statistic in Table 3 is 5.470 with the p-value of 0.00 < 0.05 materiality level. This result demonstrates that the present agricultural output is positively and significantly affecting food security measured by FPI
Summary
The ability of a nation to sustain agriculture remains a long lasting solution to food insecurity challenges ravaging most emerging nations in the present times. Several studies found some causes of food insecurity among households which include lack of education for the farmers, lack of adequate farm lands, lack of access to credit among others Huge capital investment in agriculture in all the 36 states of the federation in Nigeria is highly necessary at this juncture It is when farming is organized in a very large scale that poverty can be alleviated in the country and real food will be made available and affordable by the citizens. This study examines the impact of agricultural output and government investment in agriculture on food availability in Nigeria, while making more emphasis on the need for more government spending on agricultural sustainability to achieve food availability
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