Agriculture in the nigerian economy
Agriculture in nigeria is a branch of the economy in nigeria, providing employment for about 30% of the population as of 2010 the sector is being transformed by commercialization at the small, medium and large-scale enterprise levels. Nigeria that agriculture is the main stream of the nigeria economy however, this assumption is fallacy because nigeria after over fifty three years (1960-2014) of attaining political independence is not among the list of the. Naijang news ★ read about the contribution of the agricultural sector to the nigerian economy find out how important agriculture is for nigerian business. Agriculture, in times past, was the mainstay of the nigerian economy but, that changed with the coming of oil and its easy megabucks, on which the country subsequently over-depended.
Nigeria stands to gain a lot if particular if urgent attention is paid to agricultural development see how to boost nigerian economy through agriculture. In a bid to break the monoculture system and widen the resource base of the economy, agricultural experts have advised that nigeria should return to agriculture fully as it can sustain the economy . The importance of agriculture nigeria economy is blessed with series of natural resources, yet they suffer in the midst of plenty. Honourable minister of agriculture and rural development – chief audu ogbeh has launched the smart model farm mechanization site, an integrated mechanization solutions project in partnership with global agricultural equipment manufacturers – john deere tractors and the nigerian agricultural mechanization & equipment leasing company .
Although, agriculture no longer serves as the leading foreign exchange earner due to phenomenal growth in the petroleum sector of the economy as observed still it is the dominant economic activity in terms of employment, leading contributor to nigeria’s gross national product and linkages with the rest of the economy. Agriculture contributes to the growth of the economy and also provides employment opportunities for the teaming population and eradicates poverty in the economy0 introduction the role of agriculture in nigeria cannot be over emphasizedagriculture and economic development in nigeria 1 sustainable poverty eradication. Agriculture is the largest sector of the nigerian economy with gdp contribution of about 40% research shows that nigeria has over 80 million hectares of arable land this accounts for about 23% of arable land across all of west africa.
Nigeria gdp from agriculture this page provides the latest reported value for - nigeria gdp from agriculture - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. In nigeria agricultural financing remains the mainstay of the economy since it is the largest sector in share in employment download the project 1-5 free,,. Agriculture in the context of the economy is tied with the various sectors and is the impact of agricultural policies on nigerian economy . Agriculture in the context of the economy is tied with the various sectors and is essential for generating broad based growth necessary for development agriculture is fundamental to the sustenance of life and it is the bedrock of.
Agriculture in the nigerian economy
Agriculture in nigeria contributes 5% of the economic goods exported out of nigeria, while the other 95% of exports is made up of petroleum and petroleum productsin nigeria, the government institution responsible for agriculture in nigeria, its development and transformation is the federal ministry of agriculture and rural development (fmard). An agriculture be a primary driver of nigeria’s future growth and provide an increased proportion of her foreign exchange earning can a green agricultural economy become an opportunity for ordinary nigerians to benefit from. The role of agriculture in nigeria prior to the discovery of oil in nigeria, agriculture was the mainstay of the economy agriculture was then the highest earner of foreign exchange for the country, and nigeria was also largely self-sufficient in food production. Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectorsit is ranked as the 30th-largest economy in the world in terms of nominal gdp, and the 23rd-largest in terms of purchasing power parity.
Nigeria’s economy has a modern segment dependent on oil earnings, overlaid by a traditional agricultural and trading economy despite nigerias rich natural resources, poverty is widespread and nigerias basic social indicators place it among the 20 poorest countries in the world. Efforts since the late 1970s to revitalize agriculture in order to make nigeria food self-sufficient again and to increase the export of agricultural products have produced only modest results the obasanjo administration, however, has made agriculture the highest priority of its economic policy.
Economic growth has been driven by agriculture, telecommunications, and services, but diversification has yet to help the more than 60 percent of nigeria’s 170 million people who still live in . Published: mon, 5 dec 2016 agriculture is an important sector in the developing world it contributes to economic growth and development as well as a major employer to majority of the people of sub-saharan africa including nigeria, especially those in the rural areas. Nigeria still faces significant challenges, including foreign exchange shortages, disruptions in fuel supply, power shortages, and insecurity in some parts of the country revenue mobilization efforts are insufficient at 5%, value added tax rates are among the lowest in the world, and revenue administration is inefficient.