The Impact of Agricultural Resources Development on Nigeria Economics Growth 2000-2021

The Impact of Agricultural Resources Development on Nigeria Economics Growth 2000-2021

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Abstract

This study was on the impact of agricultural resources development on Nigeria economics growth from 2000 to 2021. Two objectives were raised which included: To find out the contribution and general impacts of agricultural resource on the Nigerian economy and to find out the challenges of agriculture resources development on Nigeria economics growth 2000 to 2021. The study adopted a survey research design and conveniently enrolled 80 participants in the study. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from CBN. Hypothesis was tested using Chi-Square statistical tool (SPSS).

Chapter one

Introduction

1.1Background of the study

Nigeria is generously endowed with abundant natural resources including biological and non-biological resources. The resources of the entire world should be developed to the fullest extent possible with available means as a whole can progress only by the efficient and rational use of the natural resources. Resources depend on importance attached to it. Hence, agriculture constitutes one of the most important sectors of the economy. The significance of agriculture resource in bringing about economic growth and sustainable development of a nation cannot be underestimated. Agriculture contributes to the growth of the economy, provides employment opportunities for the teaming 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 successful industrialization.
Oji-Okoro (2011) is of the opinion that agriculture resource has been an important sector in the Nigerian economy in the past decades, and is still a major sector despite the oil boom; basically it provides employment opportunities for the teeming population, eradicates poverty and contributes to the growth of the economy. The pervasive influence of agriculture on Nigeria’s economic and social development has also been articulated by Oluwasami (1966). A strong and efficient agricultural sector would 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).
Agriculture has been defined as the production of food and livestock and the purposeful tendering of plants and animals, (Ahmed, 1993). He stated further that agriculture is the mainstay of many economies and it is fundamental to the socio-economic development of a nation because it is a major element and factor in national development. In the same view, Okolo (2004) described agricultural sector as the most important sector of the Nigeria economy which holds a lot of potentials for the future economic development of the nation as it had done in the past. Notwithstanding the enviable position of the oil sector in the Nigerian economy over the past three decades, the agricultural sector is arguably the most important sector of the economy. Agriculture’s contribution to the Gross Domestic product (GDP) has remained stable at between 30 and 42 percent, and employs 65 per cent, of the labour force in Nigeria (Emeka 2007).
Generally, the agriculture sector contributes to the development of an economy in four major ways-product contribution, factor contribution, market contribution and foreign exchange contribution (Kuznetz 1961; Mackie 1964; Abayomi 1997; Abdullahi 2002; World Bank 2007). The objective of this study therefore is to analyze the contribution of the agricultural sector to the development of Nigeria economy between 2000 to 2021.
Statement of the problem
The literature has reported that inspite of Nigeria’s rich agricultural resource endowment, there has been a gradual decline in agriculture’s contributions to the nation’s economy (Manyong et al., 2005). In the 1960s, agriculture accounted for 65-70% of total exports; it fell to about 40% in the 1970s, and crashed to less than 2% in the late 1990s. The decline in the agricultural sector was largely due to rise in crude oil revenue in the early 1970s. Less than 50% of the Nigeria’s cultivable agricultural land is under cultivation . Even then, smallholder and traditional farmers who use rudimentary production techniques, with resultant low yields, cultivate most of this land. The smallholder farmers are constrained by many problems including those of poor access to modern inputs and credit, poor infrastructure, inadequate access to markets, land and environmental degradation, and inadequate research and extension services. The inability to capture the financial services requirements of farmers and agribusiness owners who constitute about 70 percent of the population is inclusive (Lawal, 2011). Low agricultural output has a negative effect on the Nigerian economy as a whole. Several factors have been identified to enhance or retard growth in the agricultural sector. These factors include education (Huffman 1949; Pudasaini 1983; Aheam et al. 1998; Weir 1999), infrastructure (Querioz and Gaultam 1992; Gopinath and Roe 1997; Yee et al. 2000 and Venk Atachalam 2003) and inflation (Johnson 1980; Bullard and Keating 1995; Andres and Hernando 1997; Gokal and Hanif 2004).

Objective of the study

The objectives of the study are;
To find out the contribution and general impacts of agricultural resource on the Nigerian economy
To find out the challenges of agriculture resources development on Nigeria economics growth 2000 to 2021
Research hypotheses
The following research hypotheses were formulated
H0: there is no contribution and general impacts of agricultural resource on the Nigerian economy
H1: there is contribution and general impacts of agricultural resource on the Nigerian economy
H0: there are no challenges of agriculture resources development on Nigeria economics growth 2000 to 2021
H2: there are challenges of agriculture resources development on Nigeria economics growth 2000 to 2021

Significance of the study

The significance of this study depends on the fact that with improved economy Nigeria stands to gain in its effects toward development. What is the relevance of agriculture in economic growth? The cause of agricultural backwardness and how the present state of our agricultural productivity will be improved. This will form the basis upon which suggestions and contributions will be made as to how the full potentials of agriculture can be harnessed. This work stands to benefit: i. Nigeria as a whole: The research work intends to bring firth ways to increase agricultural output both for the purpose of consumption and exportation which ultimately will bring an increased favorable balance of payment (BOP) for the nation. ii. This work will be advantageous to schools (staffs and students) and will help them understand the importance of farming no matter how small the scale of production may be.

Scope of the study

The scope of the study covers the impact of agricultural resources development on Nigeria economics growth 2000-2021. It is limited between 2000 to 2021

Limitation of the study

However, in the course of this research, the following constraints were encountered thus:
1. Non-availability of enough resources (finance): A work of this nature is very tasking financially, money had to be spent at various stages of the research such resources which may aid proper carrying out of the study were not adequately available.
2. Time factor: The time used in carrying out the research work is relatively not enough to bring the best information out of it. However, I hope that the little that is contained in this study will go a long way in solving many greater problems.

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