This paper makes a comparative analysis of investment funding between the Nigerian oil and agriculture industry, where both debt and non-debt financing instruments are considered. It employs both descriptive and long-run analyses to establish the facts using data from 1971-2011. The empirical results revealed that all the adopted debt and non-debt financing instruments, follow the same direction with varying magnitudes. Among all these instruments, savings (development stocks and treasury bills) are the best non-debt and (debt) financing mix used to propel the development of both agriculture and oil sector. More so, a negative shock was reported from treasury certificate and bond and international lending club on both sectors' output. However, policy should aim at areas that would make foreign funds have a trickle-down effect on the physical assets of the two sectors and not areas where their funds can easily be repatriated.Keywords: debt and non-debt investment financing; agriculture and industrial performance; Nigeria.Reference to this paper should be made as follows: Alimi, O.Y. and Alese, O.J. (2017) 'Comparative analysis of investment funding in the Nigerian oil and agricultural sector', Int.

This paper makes a comparative analysis of investment funding between the Nigerian oil and agriculture industry, where both debt and non-debt financing instruments are considered. It employs both descriptive and long-run analyses to establish the facts using data from 1971-2011. The empirical results revealed that all the adopted debt and non-debt financing instruments, follow the same direction with varying magnitudes. Among all these instruments, savings (development stocks and treasury bills) are the best non-debt and (debt) financing mix used to propel the development of both agriculture and oil sector. More so, a negative shock was reported from treasury certificate and bond and international lending club on both sectors' output. However, policy should aim at areas that would make foreign funds have a trickle-down effect on the physical assets of the two sectors and not areas where their funds can easily be repatriated.