20 Animals That Are Only Found In The Philippines Diversification in Agriculture Sector: A Catalyst For Sustainable Economic Development in Nigeria

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Diversification in Agriculture Sector: A Catalyst For Sustainable Economic Development in Nigeria

Agriculture includes the cultivation of land, the raising and rearing of animals, for the purpose of producing food for humans, feed for animals and raw materials for industries. It involves forestry, fishing, processing and marketing of these agricultural products. Mainly, it is crop production, livestock, forestry, and fishing.

Agriculture is the mainstay of many economies. All over the world, economic development that stands hand in hand with agricultural development therefore, requires Nigeria to utilize its many agricultural resources to full capacity in order to improve its progress and efforts to improve the system. – sustainable economy.

Agriculture is considered a catalyst for the overall development of any country; Development economists have always chosen the agricultural sector in the central place in the development process, early development economists although they emphasized industrial production, they depended on agriculture to provide the necessary production of food. and raw materials, including labor power that will be gradually acquired by industry and the service sector. Much later thought placed agriculture at the forefront of strategic development; Hopes for technological change in agriculture and the “green revolution” that suggest agriculture as a dynamo and magic for economic growth and development.

The industrial revolution of the nineteenth century which influenced the agrarian economies of many European countries in their incentives to agriculture; sector in recent history has also worked wonders in countries such as Mexico, India, Brazil, Peru, the Philippines and China where the Green Revolution is one of the great success stories. Indeed, the importance of agriculture in the economy of any country cannot be overemphasized, for example, in the United States of America, agriculture contributes about 1. 1% of the country’s Gross Domestic Product.

The above calculation indicates that a more developed country has a lower contribution of agriculture to the Gross Domestic Product. Economic diversification is the process of economic growth by increasing the numbers of the income base of an economy. The Nigerian economy is a traditional economy based on crude oil as its main source of income, it is important that the government should not continue to believe that oil provides an unlimited source of revenue.

As an important matter, the Nigerian government must encourage the rapid diversification of the Nigerian economy because this is the only sustainable way to survive the current environment of global economic uncertainty and the fluctuation of oil prices. worldwide and phenomena, poor allocation system and reduction.

Transformation in the agricultural sector is therefore suggested for Nigeria as a developing economy to ensure food and nutritional security, income and employment generation, poverty reduction and to encourage productivity, easing pressure on the balance of payroll, a reliable source of government revenue and overall economic growth. National.

Before the political crisis of 1967-1970, the positive contributions of agriculture to the economy were instrumental in sustaining growth and economic stability. Most of the food demand is satisfied from domestic production, thus exposing the need to use scarce foreign exchange resources on food imports.

Steady growth in agricultural exports is the backbone of the favorable balance of trade. Substantial amounts of revenue are collected from the agricultural sector through the collection of various taxes and the collection of sales surpluses, which are used to finance various development projects such as the building and construction of the Ahmadu Bello University ( Zaria) and the first home of Nigeria’s main university. in Ibadan. The sector, which employed 71% of the total labor force in 1960, employed only 56% in 1977, the figure stood at 68% in 1980, falling to 55% in 1986, 1987 and 1988; and 57% annually from 1989 to 1992, and has continued to nosedive into the 2000s as a result of the neglect of the sector.

To put herself on the path of modern development, Nigeria should examine the factors that hindered the development of its agricultural sector, which was the backbone of the Nigerian economy before the oil boom. You should correct the mistakes you made in the past 54 years by putting these strategic plans into action immediately. The people of Nigeria can lift themselves out of poverty and misery by eliminating corruption and commit themselves to striving for progress.

Strategy 2020: 20 will allow Nigeria to focus on improving their economy and combined with a major effort to reduce food imports and to increase food production within their own country, Nigeria can witness a turning point in investment- their money. Nigeria has the necessary ingredients to return to an agriculture-based economy. Research has shown that a return to the agricultural economy is not only possible, but will be very beneficial for the entire Nigerian nation.

In order to achieve sustainable economic development and to raise the contribution of the rest and the constant decline of the agricultural sector, Nigeria needs to have some recommendations of pre-industrial restructuring strategies such as the provision of financial resources to the sector to get up and running; Government provision of government subsidies, improved and higher yielding seeds and breeds for private companies and small farmers producing as much as 85% of the sector’s agricultural production is needed to boost the agricultural market. .

There is also a need to review the current import and export policy to make it more reliable for other countries to get agricultural products from Nigeria. It is a clear fact that with a population of over 170 million, vast agricultural land, good climate and soil, Nigeria has the necessary production facilities needed to have a strong acceptance of the sector. agriculture as a mechanism to achieve sustainable economic development.

So it is easy for Nigeria to make a difference to the agricultural market in their effort to become more self-sufficient and to be recognized as one of the world’s economic power.

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