This work focuses on the impact of interest rate deregulation on agricultural production in Nigeria. To this effect, this study, seeks to find out the extent to which interest rate deregulation affects agricultural productivity, the hindering factors to attaining the policy objective of interest rate deregulation as regards to agricultural output. The secondary source of data was used as a means of data collection. The secondary data was gathered by consulting some books, journals related to the subject matter. Base on the review on the documented source and analysis of the results from the regression, it was concluded that the regression coefficients are statistically significant our alternative hypothesis is therefore accepted. It means interest rate, non – oil import and non – export have direct relationship with agricultural production in Nigeria. This study therefore recommended that monetary policy should formulated appropriately to determine an interest rate level that will break the double edge effect of interest rate on savers and on local investors, proper monitoring and control of the macro-economic indicator such as inflation, income level, level of investment, etc.