Agriculture plays a vital role in the world economic landscape; it is an irreplaceable part of the world economy and transcends nations. The main goal of Agriculture is to meet the population demand for food, raw materials for industries, employments, promote health care and so many others. This article sheds light on the vital role played by agriculture in, sustaining and developing the Nigeria economy.
In plain sight, there is a need to highlight the points and diversity agriculture serves in economic development, they include:
This fact is particularly important to the resident of the rural dwellers; they need to be provided with a job. According to a 2010 survey carried out, statistics showed that 60% of the rural population were engaged in agriculture, this statistics is projected to increase in the next ten years by at least a 20% due to the growing population and low job opportunities.
Agriculture also serve as a source of foreign exchange, this is important for international trade. Before the advent of oil exploration, agriculture provides the bulk of foreign earnings for Nigeria. Another point to consider is the economy diversification and flexibility of the revenue generated. The recent fluctuation in the oil industry is a pointer on the need to urgently diversify the economy. The current global economic situation can be considered the most suitable time for diversification. Nigeria is highly rich with abundance of natural and human resources. The resources when untapped becomes a burden, all that is needed is a serious investment in agriculture.
The food commodities, their production, distribution, exchange, and consumption are important for political stability. The supply of other industries across boards with raw materials. Cultivation of cotton, oil palm, and other plants promotes the development of other industries that depend on these raw materials. In addition, wool and yarn are used in different industries
State of agriculture in Nigeria and areas for growth;
The Importance of agriculture to Nigerian economy cannot be overemphasized. The increase in international investment in agriculture has witnessed tremendous growth over the past fifty years; the number of multinational companies has grown. They have expanded their global influence in the supply of food, bio-fuels, timber and minerals. However, at the same time, the quantity of real investments is less than the number of planned, discussed and highlighted in the media.
That is why it is difficult to separate them and assess the degree of involvement. Export grows in agriculture due to the increase in transportation opportunities. However, the reduction of the area and depletion of arable lands creates a critical limitation. Soil fertility continues to decline in many areas due to a lack of nutrients (mineral or organic).
The number of rural population is decreasing. There are more urban residents with each year. A combination of population growth, lack of technological development and inefficient distribution mechanisms led to a rapid reduction in the availability of natural resources to vulnerable farmers. It can be said that agriculture in Nigeria today does not bring all possible benefits. Nevertheless, with wise management, it can achieve better results.
Despite the decline in the share of agriculture in GDP, it continues to play a significant role in the development of the economy and society, provides a large number of jobs, provides food, raw materials, and contributes to food security, poverty reduction; it contributes to the development of trade and the economy as a whole.
The nation can get better; even become a major player in the world economy if proper policies and emphasis are laid on the development and productivity of agriculture.