Impact of Macroeconomic Policies on Capture Fishery in Nigeria, (1970-2000)
The major objective of the study was to analyze the impact of policies on capture fishery in Nigeria (1970 – 2000). The specific objectives were to assess the performance of capture fishery under different policy regimes; to identify factors that influence capture fishery output; and to draw policy implications of the Central Bank of Nigeria namely, the Statistical Bulletin, Annual Report and Statement of Accounts, Financial Review (various issues) and Nigeria Trade Summary published by Federal Office of the Statistics. The data obtained were analyzed using the Error Correction Model (ECM). The result of the ECM confirms the existence of longrun equilibrium between the dependent and independent variables. Available information reveals policy instability and duplication of programmes and projects under different policies. Analysis also shows fluctuation of capture fishery output over the years. Growth rates of fish output was found to be highest between 1996 – 2000. The ADF test indicates stationarity one-difference lagged length, except government expenditure. The policy variables included in the model were found to explain 34.8% of the variability in fish output.
