THE AGRICULTURAL SECTOR AS THE KEY TO THE DIVERSIFICATION OF THE NIGERIAN ECONOMY FOR SUSTAINABLE DEVELOPMENT
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The study of economic history provides us with ample evidence that an agricultural revolution is a fundamental pre-condition for economic development (Eicher & Witt, 1964; Oluwasami 1966; Jones & Woolf, 1909). The agricultural sector has the potential to be the industrial and economic springboard from which a country’s development can take off. Indeed, more often than not, agricultural activities are usually concentrated in the less developed rural areas where there is a critical need for rural transformation, redistribution, poverty alleviation and socio-economic development (Stewart, 2000). Nigeria’s economic aspirations have remained that of altering the structure of production and consumption patterns, diversifying the economic base and reducing dependence on oil, with the aim of putting the economy on a path of sustenance, all inclusive and non-inflationary growth. Despite Nigeria’s vast agricultural resources both human and natural, we are still faced with acute food crisis, the intensification of poverty and massive suffering of the overwhelming majority of Nigerians. This situation is however typical of all third world countries operating within the neo colonial capitalist system (Akor, 2009).
Nigeria is generously endowed with abundant natural resources including biological and non -biological resources. Resources depend on importance attached to it, hence agriculture constitutes one of the most important sectors of the Nigerian economy. The significance of the agricultural resource in bringing about economic growth and sustainable development of a nation cannot be under-estimated. Agriculture contributes to the growth of the economy, provides employment opportunities for the teeming population, export revenue earnings and eradicates poverty in the economy.
Abayomi (1997) stated that stagnation in agriculture is the principal explanation for poor economic performance, while rising agricultural productivity has been the most important concomitant of a successful industrialization. The pervasive influence of agriculture on Nigeria’s economic and social development has also been articulated by Oluwasanmi (1996) “A strong and efficient agricultural sector could enable a country to feed its growing population, generate employment, earn foreign exchange and provide raw materials for industries”. The agricultural sector has a multiplier effect on any nation’s socio- economic and industrial fabric because of the multifunctional nature of agriculture (Ogen, 2007).
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