NIGERIA BEYOND OIL: AGRICULTURE AND SUSTAINABLE DEVELOPMENT OPTION
Abstract
The place of agriculture in Nigeria’s economy has remained critical over the decades. Prior to the political crisis of 1967-1970, agriculture’s positive contributions to the economy were instrumental in sustaining economic growth and stability. The bulk of food demand was satisfied from domestic output, which inevitably reduced the need to utilize scarce foreign exchange resources on food importation as it is in the present day Nigeria. Stable growth in agricultural exports constituted the back bone of a favorable balance of trade. Sustainable amounts of capital were derived from the agricultural sector through the imposition of several taxes and accumulation of marketing surpluses, which were used to finance many development projects. However, the crisis that developed in Nigerian economy during the civil war became more serious in the early 1970s, which coincided with the rising fortunes of the petroleum sector. This has inevitably diverted attention of the Nigerian economy from agriculture which in essence has made Nigeria a monocultural economy. This paper therefore sought to emphasize on the fact that agriculture will be the fastest bail-out for the Nigerian economy beyond the oil sector.
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