THE ROLE OF AGRICULTURE IN THE ECONOMIC DEVELOPMENT
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- NGN 3000
STATEMENT OF THE PROBLEM
The growth of agriculture in recent times has been stunted by the overdependence of the nation of crude oil and failure to diversify the economy since the discovery of crude oil in the seventies. Fan (2009) attributed this decline in agricultural productivity to the growth in the mining and manufacturing sector and partly as a result of disincentives created by the macroeconomic environment. From 1980, the decline in agricultural productivity in the country was so poor that domestic production had to be complimented with food importation. The food importation bill of the country which previously stood at 14112.88 million (1974) increased to1964.8 million (1991) with an export of less than 2 percent.
Besides oil, the major strength of the Nigerian economy is its rich agricultural resource base, its human resource and its huge markets. However, these resources have to be effectively mobilized so as to diversify the economic base and reduce dependence on oil and import. The economy remains vulnerable to external shocks emanating from fluctuation in the world prices of crude oil and the rising prices of imports. The resulting external and internal in balances are manifested in the adverse balance of payment position, unemployment and low capacity utilization in virtually all sectors as well as the deteriorating purchasing power of the populace (Atte and Muhammed- Lawal, 2006). So far, it is difficult to find a sector that is problem free. Hence, the agriculture sector cannot be expected from the economic role of Oredo Local Government Area of Edo State. Some of the problems include:
i. Poor transportation, which affects the economic development in Oredo Local Government Area of Edo State.
ii.The use crude implement in Oredo Local Government Area
OBJECTIVE OF THE STUDY
The purpose of this study is to assess the impact of agriculture on economic growth in Nigeria.
However, the study will:
1. Examine the effect of agricultural practice on agricultural productivity in Oredo local government area of Edo state.
2. Assess the impact of budgetary allocation and agricultural policies on agricultural productivity.
3. Determine the relationship between agriculture and economic growth in Nigeria.
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