THE ROLE OF THE AGRICULTURAL SECTOR AS AN ACCELERATOR TO NIGERIA ECONOMY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
BACKGROUND OF THE STUDY
By the time Nigeria became politically independent in October 1960,agriculture was the dominant sector of the economy, contributing about 70% of the Gross Domestic Product (GDP) employing about the same percentage of working population and accounting for about 90% of foreign exchange earnings and the federal government revenue (CBN, 2005). The early period of postindependence up until the mid-1970’s saw a rapid growth of industrial capacity and output as the contribution of the manufacturing sector to GDP rose from 4.8% to 8.2%. This pattern changed when oil suddenly became of strategic importance to the world economy though its supply price nexus. Crude oil was first discovered in commercial quantity in Nigeria in 1956, while actual production started in 1958. It became the dominant resources in the mid 1970’s. The massive increase in oil revenue as an aftermath of the Middle East war of 1973 created and unprecedented, unexpected and unplanned wealth of Nigeria. The relative attractiveness of the urban centres made many able bodied Nigerians to migrate from hinder land, abandoned their farm lands for the cities and hoping to partake in the growing and prosperous (oil driven) 2 urban economy. This created social problems of congestion, provision, unemployment and crimes. Notwithstanding, the enviable position of the oil sector in the Nigerian economy over the past three decades, the agricultural sector has remained the largest and arguably the most important sector of the economy. Agriculture contributes to the gross force in Nigeria (Aigbokhan, 2001). It is estimated to be the largest contributor to the non-oil foreign exchange. A strong agricultural sector is essential to economy development both in its own rights and to stimulate and support the growth of industries. Economy growth has gone hand in hand with agricultural progress stagflation in agriculture is the principal explanation for poor economy performance, while rising agricultural activities has seen the most concomitant of successful industrialization (Ukeje 1999). The labour-intensive character of the sector reduces its contribution to the GDP. Nevertheless, agricultural exports are a major earner of foreign exchange in Nigeria, in the non-oil sector. Like in most developing countries, agriculture remains the backbone of the Nigeria economy. Typically, it is the largest source of employment often twothird or more of the population is dependent on this livelihood on farming. Its is a well-known fact that Nigeria’s comparative advantage in the production of 3 certain food and other agricultural commodities that can earn foreign exchange for imports of other food.it has been recognised that sustained agricultural development requires striking an appropriate balance between investments that are directly productive in agriculture and investment in infrastructure. Poor infrastructural services in developing countries will lead to low productivity. Much of the high productivity of agriculture in the developed countries is as a result of massive form of investment over many years in physical and institutional infrastructure (Manyong, et al, 2003). Conversely, the low productivity of agriculture in many developing countries reflects among other things, limited investment in rural roads and electricity. This streams from the concentration of public investments in urban areas, where the unit cost of providing services is typically less and logistic are problems fewer.
Related Project Materials
PROBLEMS AND PROSPECTS OF ESTABLISHING SMALL SCALE ENTERPRISES IN NIGERIA
ABSTRACT
It also paid attention to the foundling of the small-scale business in Nigeria. Whereas failure of the large-scale import depart...
UTILIZATION OF POTASSIUM CARBONATE-BASED DEEP EUTECTIC SOLVENTS AS CATALYST IN TRANSESTERIFICATION REACTION OF JATROPHA CURCAS OIL
ABSTRACT
Deep eutectic solvents (DES) were synthesized from different mole ratios of K2CO3/glycerol at 400 rpm and 353 K for a period of...
THE ROLE OF ENTREPRENEURSHIP EDUCATION IN POVERTY ALLEVIATION IN NIGERIA: PERCEPTION OF STUDENTS
EXCERPT FROM THE STUDY
Entrepreneurship is all about self-improvement and self-sufficiency, which leads to job prospects...
A CRITICAL SURVEY OF THE COVID-19 PANDEMIC AND ITS IMPACTS AND EFFECTS ON CONSTRUCTION PROJECTS IN NIGERIA
Background of the study
The construction sector makes a considerable contribution to the economy, and i...
IMPROVING THE PERFORMANCE OF SMALL-SCALE ENTERPRISES
ABSTRACT
This study aims at improving the performance of small-scale enterprises in Nnewi-South Local G...
THE EFFECT OF LEADERSHIP IN PUBLIC SECTOR PERFORMANCE
ABSTRACT
This work was aimed at investigating the effect of leadership in public sectors performance for cost effectiven...
THE ROLE OF RADIO BROADCASTING IN THE RURAL DEVELOPMENT
ABSTRACT
Rural development of any kind in any place can only be meaningfully achieved through a well planned and execute...
IMPACT OF ADULT EDUCATION ON INTERPERSONAL SKILLS DEVELOPMENT
Abstract: This study investigates the impact of adult education on the development of interpersonal skills, examining how various educational...
THE IMPACT OF SHYNESS AND BODY DYSMORPHIA ON INTERNET ADDICTION
Background to the study
Addiction to the internet has been a significant contributor to many problems over the years, pa...
THE ROLE OF PROFESSIONALS IN MARKETING LIBRARY PRODUCTS IN ACADEMIC LIBRARIES IN RIVERS STATE
ABSTRACT
The aim of this study is to examine the role of professionals in marketing library products in academic...
