EFFECT OF BIOLOGICAL ASSETS ON ECONOMIC GROWTH OF NIGERIA; CHM

Department → Accountancy

Amount → ₦10,000.00

Abstract The study examined the effect of biological assets on economic growth of Nigeria. The study specifically examined the effect of valuation cost of biological asset, amortization cost of biological assets and depreciation cost of biological asset on Gross Domestic Product of Nigeria. Data for the study was sourced through annual reports and account of the sampled firms and CBN statistical bulletin. The collected data were analysed using multiple regression analysis. Result of the analysis revealed that valuation cost of biological asset has positive and significant effect on Gross Domestic Product of Nigeria. It was also discovered that amortization cost of biological assets has negative and insignificant effect on gross domestic product of Nigeria. The study further revealed that depreciation cost of biological asset has negative and significant effect on Gross Domestic Product of Nigeria. Based on the findings above, the study recommends that there need to be revision to current import and export regulations making it more convincing for other countries to accept agricultural products from Nigeria. It has also been established that Nigeria has the natural resources and human resources necessary to have a strong agriculture sector. Historically, agriculture used to be the main source of revenue for the country, so it is known that the climate and soil are conducive to agriculture. Last, it has been fully demonstrated that it is plausible for Nigeria to diversity into the agriculture market in their effort to become more self- sustainable and a world economic power. The inclusion of agriculture will be a necessity to accomplish that goal.  




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