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An Analysis Of The Impact Of Agriculture On Economic Growth In Nigeria
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However, the role it plays in the regional and economic development of
the country has diminished over the years due to the dominant role of
the crude oil sector in the economy. With the increasing food demand in
Nigeria, the country has available natural resources and potential for
increasing the volume of crop production towards meeting the food and
nutritional requirement of the rapidly increasing population and
guarantee food security in the country. Therefore, the source of
national wealth is essentially agriculture.
Unquestionably, the
neglect of agriculture in Nigeria owing to the discovery of oil has
retarded the growth of the economy for the past decades. The effect of
this neglect could be felt in the poor quality of life of people as
average Nigerian was quoted as living in US$ 1 per day; if translated to
Naira, this amount to N165 day at present. It may not be wrong to say
that such a remark is a political cover. The faces we see daily on our
streets and those we may not be able to see because of their inability
to muster enough strength to walk up to the street as a result of
several days of hunger and starvation, or even food associated
ill-health and avoidable deaths of tens of people everyday, a better,
more sincere and realistic assessment of the situation would be put an
average income at US $0-0.5 per day. Studies in literature reveal that
seven out of every 10 Nigerians live in abject poverty; hardly able to
feed, cloth or house themselves. It is an indisputable fact that Nigeria
and her sub-Saharan African neighbors have been dubiously christened by
the world political and economic powers as citadels of hunger, poverty,
ignorance, diseases, misery, debts, filths and crises. This
unquestionable imagery will for long remain indelible in the world's
archives unless a reasonable step is taken by people and Government of
this doomed sector of the global village. It is against this backdrop
that the study seeks to assess the impact of agriculture on economic
growth.
1.2 Statement of the problem
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).
The contribution of agriculture to
the Nigerian economic growth is very low compared to what it used to be
in the past 14 years. Nigerian agriculture to a large extent still
possesses the characteristics of a peasant economy that was prominent in
the pre-independence period. Given the information above, this study
seeks to assess the impact of agriculture on economic growth in Ni
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ABSRACT - [ Total Page(s): 1 ]This study examined and analysed the impact of agriculture on economic growth in Nigeria. It adopted the secondary data sourced from Central Bank of Nigeria covering the period 1985 to 2010. The study employed the modern Time Series of the Ordinary Least Square to test for the relationship between agriculture and economic growth in Nigeria. The results derived infer that there exists a significant relationship between agriculture spending and economic growth. The null hypothesis stated for this ... Continue reading---
