REGRESSION TEST OF INDEPENDENCE OF THE IMPACT OF PETROLEUM INDUSTRY ON THE AGRICULTURAL SECTOR IN NIGERIA (1972-2009)

Abstract

This paper titled “the impact of petroleum sector on the agricultural development in Nigeria between 1972-2009’ is a child of necessity. The negative impact of over relying on the petroleum sector thereby neglecting the Agricultural sector is seen here as the major problem that borders the mind of the researcher. The primary objective here is to analyze critical the implication of over reliance on petroleum sector as the only major source of foreign exchange for the country and as such try to suggest some possible ways out as one can never he sure of what will be the faith of the Nigeria economy tomorrow should the going get tough. The researcher used
secondary method to obtain his data. It was discovered that reverse will be for the Nigeria economy tomorrow in case of economic melt down due to over reliance on the oil sector. Simple regression model was used to test the degree of relationship between the dependent and the independent variable. Meanwhile, the researcher employed the coefficient of determination to test the goodness of fit, while f-test was employed to test the significance of the regression estimated and a priority and magnitude of the regression co-efficient evaluated. It has been recommended that revenue derived from petroleum export be expended on projects that will
bring about meaningful transformation in the agricultural sector.