Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB) says diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty. INTRODUCTION In Nigeria, agriculture remains the mainstay of the economy employing about 65-70% of the labor force. Agriculture was the main stay of the Nigeria economy before the discovery of crude oil in 1956. AfDB urges economic diversification for growth. Also read [Central Bank of Nigeria Communiqué No. Deloitte 2021 Economic Dialogue: Stakeholders Emphasize Diversification. The study recommends an economic diversification in Nigeria's revenue sharing, tax systems, domestic economy and agriculture … 4. 1. The Agricultural Sector As The Key To The Diversification Of The Nigerian Economy For Sustainable Development. You can only diversify the economy through manufacturing and agriculture. Because of its 26% fiscal contribution—the largest made by a single sector that year—the Nigerian economy slowly came out of recession. Nigeria is a mono-economic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. AGRICULTURAL FUNDING AS SOLUTION TO NIGERIA ECONOMY DIVERSIFICATION CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Nigeria is largest oil exporting country in Africa and has a rapidly growing economy. 2.0 Stylized Facts on Economic Diversi cation in Nigeria Pre-independent and earlier Post-independent era of Nigerian economy was a rela-tively diversi ed economy. To see how Agriculture can be used for the diversification of the Nigerian economy in order to achieve sustainable development. By Dipo Olowookere Special Adviser to President Muhammadu Buhari on Media and Publicity, Mr Femi Adesina, has disclosed that the President’s economic diversification policy was more than a mantra. 1.0 Introduction Economic gift are natural resource in a nation that is its wealth, the Nigerian economy is an oil-dominated one and The guest speaker said the South Korean economy, which was on the same pedestrian as the Nigerian in the 1960s in spite of being non-resource based, had performed incredibly strong through export diversification whereas Nigeria hardly diversified. The country follows a resource based growth strategy driven by the production and exporting of oil. 3. These have exposed the fragility of the Nigerian economy and the need to wake up and join Godwin Emefiele’s crusade on economic diversification which previously seemed elusive. Agriculture was the main hub of Nigerian economy before the emergence of petroleum industry. Major agricultural policies in Nigeria from 1960-2005 Macro-economic variables affecting economic growth Government expenditure Investment Foreign investment The new Nigerian Agricultural Policy 2.0 The role of agriculture in an economy It is important to first define the term-Agriculture before talking about the role of agriculture in the economy. This contains the declining dominance of the petroleum sector in the Nigerian economy, Alternative sources for the diversification of the Nigerian economy for sustainable development and agriculture as the main vehicle for the diversification of the Nigerian economy. economic diversification is vital to Nigeria’s long-term economic growth. Economy. Home » News » Kwara gov. 6. Although the current administration has stepped up the diversification of the country’s economy, it needs to be emphasized that it is the only way out. To examine the benefits accruable from the diversification of the Nigerian economy. Secondly, the fact that crude oil … The Nigerian Government, conscious of the over-dependence on Oil which constitutes about 95% of generated revenue, has embarked on many measures to give the Nigerian a new lease on life. Secondly, the fact Nigeria’s Recovery Means Rethinking Economic Diversification. 4. Nigeria: Diversification – Akwa Ibom Commissioner Harps On Improved Oil Palm Yields. The guest speaker said South Korean economy, which was on the same pedestrian with the Nigerian in 1960s in spite of being non-resource based, had performed incredibly strong through export diversification whereas Nigeria hardly diversified. The promise of economic diversification through Agriculture is as old as Nigeria itself and is a popular catch phrase for politicians seeking public offices in the country. The circular economy model can revolutionise our economy if well-harnessed, and can become a guiding force in livelihood, business, and government particularly diversification of the economy. Discussion Ways in which Diversification into agriculture can impact Nigeria EconomyThe study identifies some of the ways in which diversification into agriculture can impact on Nigeria economy as shown in figure 1 below: Relationship between Economic Development and Diversification to AgricultureFrom the analysis of the study it has been derived that agricultural production contributes … accelerate economic growth in Nigeria. As a result of the decline in oil prices, the current economic situation can be considered the most suitable time for diversification. Nigeria’s economy of the post-2016 recession should thrive on export diversification. The Nigerian Government, conscious of the over-dependence on Oil which constitutes about 95% of generated revenue, has embarked on many measures to give the Nigerian a new lease on life. Diversification implies “movement into new fields and stimulation and expansion of existing traditional products.”. As part of efforts to contribute to Nigeria’s economic diversification, the bank in 2017 began organising the annual agriculture expo, with a focus to lead national discourse on the economic benefits of sustainable agriculture value-chain as an alternative source of economic development and foreign exchange through export. Oyebanji stated this on Monday in Okada, Edo while delivering the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Nigeria Agricultural funding as solution to nigeria economy diversification. The diversification of the Nigerian economy is necessary for important reasons. “The diversification of this economy is very important, in fact, we are late. Complete project topics and materials for Final Year Students All our project topics and materials are accurate Call 08147426197 Now for your Complete work. 3754 VIEWS. Agriculture provides opportunities for entrepreneurship through various ventures, such as honey farming, beef making and poultry farming. The Nigeria triple Helix roundtable held a webinar with the theme “Fostering economic diversification through University-induced collaboration” on the 21st of May, 2020. To determine the prospects of agricultural funding in the diversification of the Nigerian economy. But the task of greening the Nigerian economy is too important to be left to the federal government alone. To suggest ways of removing these constraints. The ministry’s spokesperson, Ezeaja Ikemefuna quoted Shehuri as giving that commitment when he visited the Governor of Bayelsa, Douye Diri in … Are you a final year student? In the wake of COVID-19 pandemic affecting global trade including oil and gas, the Network of Practicing Non-oil Exporters of Nigeria, NPNEN, and … Considering the important role agriculture plays in providing the impetus for economic growth and development, including provision of food and employment for … Diversification of the economy. Foreign exchange reserves grew from $28.57 billion in May 2015 to $42.92 billion by mid-December 2018. One of the ways agriculture aids economic diversification is through production of export products. nation’s export base (Adedipe, 2004). it is the best route to economic diversification, especially in developing countries like Nigeria. 1. The Minister of State for Agriculture and Rural Development, Mustapha Shehuri, has reiterated Federal Government’s commitment toward the diversification of the economy through agriculture. ....As Mines and Steel Devt minister visits Governor Seyi Makinde of Oyo State has called on the Federal Government to This is because a sizable amount of the nation’s non-oil exports are primary products. Nigeria’s economy of the post-2016 recession should thrive on export diversification. 2. To identify the constraints hampering Agriculture as a tool for the diversification of the Nigerian economy for sustainable development. Agriculture between 1960 and 1965 was the mainstay of Nigeria’s economy, contributing up to 60% of GDP. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB) says diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty. Agriculture was the main stay of the Nigeria economy before the discovery of crude oil in 1956. Adequate funding of agriculture will be an appropriate option in the diversification of the nation’s economy. Diversification implies “movement into new fields and stimulation and expansion of existing traditional products.” First, the volatility of the international oil market with the attendant volatility of government revenue gives credence to any argument for diversification of exports. Agriculture was the main stay of the Nigeria economy before the discovery of crude oil in 1956. Most of these ventures are low capital and high interest returns. President Muhammadu Buhari has already diversified the Nigerian economy, Minister of Information and Culture, Lai Mohammed, has claimed. The specific objectives are: Article Info: Article history Received 18 August 2018 Received in revised … Mohammed claimed Nigeria exited recession not because of […] The overarching lesson we should take from this experience is that diversification of foreign exchange earnings, through non-oil export growth, is the way to build resilience against the next episode of oil price shock. The guest speaker said South Korean economy, which was on the same pedestrian with the Nigerian in 1960s in spite of being non-resource based, had performed incredibly strong through export diversification whereas Nigeria hardly diversified. Diversification of the economy: A panacea for Nigerian economic development Onodugo Ifeanyi Chris, Benjamin A. Amujiri, Nwuba, Bethram Ndibe Abstract The Nigerian economy has for decades precariously leaned on the fragile leg of crude oil. Agriculture can help reduce poverty for 75% of the world's poor, who live in rural areas and work mainly in farming. Being the text of an Address delivered to the First Annual Conference of the Guild of Editors of Corporate Online Publishers(GOCOP) on Thursday, August 10, 2017 at the Renaissance Hotel, Ikeja, Lagos OPENING REMARKS Let me begin, as should be expected by the code of conduct amongst people of Yoruba extraction, a Nigeria ethnic-nationality group […] Bank, Nigerian Export-Import Bank and the Nigerian Export Promotion Council The aim of NATIPP is to facilitate the expansion of Nigeria’s trade and investment into Africa Nigeria–Africa Trade and Investment Promotion Programme • The Presidential Economic Diversification Initiative (PEDI) aims to enhance trade capacity in Agriculture by Diversification in the agriculture sector is therefore suggested for Nigeria as a developing economy to ensure food and nutritional security, income and employment generation, poverty alleviation and to encourage industrialization, ease pressure on balance of payment, reliable source of government revenue and overall economic development of the country. First, the volatility of the international oil market with the attendant volatility of government revenue gives credence to any argument for diversification of exports. The country follows a resource based growth strategy driven by the production and exporting of oil. However, with the recent GDP growth recorded in agriculture and its sub-sectors, analysts have renewed the calls for diversification into agro-economy. diversification of the nigerian economy through agriculture: the effect of industrialization policy and sapon the nigerian textile industry The Federal Government of Nigeria has introduced policies and programmes aimed at diversifying the Nigerian economy away from oil since the early 1970s, notably the industrialization policy and the structural adjustment programme (SAP). 2. The diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty, according to the Senior Special Adviser on Industrialisation at African Development Bank (AfDB), Oyelaran-Oyeyinka Oyebanji.. Oyebanji, who spoke at the 22nd Founder’s Day Lecture of the Igbinedion University, said the diversification of the Nigerian economy had … Nigeria’s economy of the post-2016 recession should thrive on export diversification. Akpabio, who began a two-year tenure in May, expressed her optimism on the role of agriculture in reviving the Nigerian economy. ABUJA, April 30, 2018 — While Nigeria emerged from a recession in 2017, the country’s continued economic recovery will be slow, according to a new economic analysis. Agriculture and the manufacturing sector are the two pillars of the non-oil economy contributing about 22 % and 13% to GDP. 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 poor farmers. It can be said that agriculture in Nigeria today does not bring all possible benefits. But with wise management, it can achieve better results. He made Nigerians know that the way out of the economic quagmire is diversification from oil to agriculture and non-oil products. The recent declaration by the Minister of Mines and Steel Development, Arc Olamilekan Adegbite, that the federal government is committed to diversifying Nigeria’s economy from oil to agriculture and mining could not have come at a better time than now. Adequate funding of agriculture will be an appropriate option in the diversification of the nation’s economy. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB) says diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty. Diversification of the Nigerian economy with specific emphasis on the agricultural and solid mineral sectors is feasible in view of Nigeria’s resource endowment. Diversification of the Nigerian economy is what the country needs in the 21st century. The numbers speak for themselves. Oil makes over 80 percent of all the country’s revenue and the exportation of crude oil brings nearly 98 percent of all the export earnings. Tuesday, May 09, 2017 8:28 AM / CBN. The economy has recovered from recession and we have had six quarters of growth. This study covers a period 24 years (1900-2013).The study will basically focus on the agricultural sector in relation to economic diversification and sustainable development, employment generation, foreign exchange earnings, as well as the petroleum sector and its contributions to the economic development of Nigeria. The objectives were to determine the effect of government agricultural spending on Nigeria’s Gross Domestic Product. Mrs Edobong Akpabio, the new Chairperson, Agriculture and Agro-Allied Group, LCCI, gave the charge in an interview with the News Agency of Nigeria (NAN), on Saturday, in Lagos. Diversification of the economy and revitalization of power infrastructure is expected to contribute immensely to the Nigeria economy as seen in other developing countries. He is currently in the country on a working visit. To see how Agriculture can be used for the diversification of the Nigerian economy in order to achieve sustainable development. Nigeria has a large expanse of agricultural land. Oyebanji stated this on Monday in Okada, Edo while delivering the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Nigeria Get Your Complete Final Year Research Project Topics and Materials. Agriculture and economic diversification in 2018. With the volatility of global oil Diversification: FG to consider mining, agriculture as viable options March 16, 2021 President Muhammadu Buhari addressing the abducted students in Katsina, December 18th, 2020. Adequate funding of agriculture will be an appropriate option in the diversification of the nation’s economy. Nigeria’s real gross domestic product growth stood at 1.81 percent in the third quarter of 2018 compared to 1.17 percent in the third quarter of 2017. To examine the benefits accruable from the diversification of the Nigerian economy. Diversification of the economy. As a result of the decline in oil prices, the current economic situation can be considered the most suitable time for diversification. Nigeria has enough natural and human potential. All that needed is a serious investment in agriculture. Food security. To suggest ways of removing these constraints. The most noticeable outcome is that Nigeria’s economy will cease to depend on oil for 95 percent of its GDP. 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, … A private agriculture firm, Olam Nigeria Limited, has backed the Federal Government decision to diversify the country's economy towards agriculture and ensure food security in the country.The firm said that country had Africa's most vibrant economy a Opinion NAVSA: Creating a viable smart agriculture for Nigerian farmers. Therefore, what does the nation need to do to gain optimally from the nation’s agricultural sector? October 14, 2020 Editorial IV Editorial 0. Diversification of Nigerian economy, restructuring as first principle ... of GOCOP ‘Command’ Topic of ‘Sustaining Growth Through Diversification of the Economy… Get List of Project Topics and Ideas with Complete Material Guide. These studies have shown that there exists a positive relationship between economic growth in Nigeria and diversification into the agricultural sector. This was the position of the President Moringa Farmers and Manufacturers Association of Nigeria, Mr. Michael Ashimashiga while briefing newsmen in Abuja, on the ‘Diversification of the Nigerian Economy through the Agricultural Sector. policymakers realize the importance and contribution of agriculture to the Nigerian economy and also to stress the need to harness and diversify other sectors of the economy so as to increase the country’s GDP and to improve the standard of living of the citizens because economic diversification is vital to Nigeria’s long-term economic growth. Agriculture provides opportunities for entrepreneurship through various ventures, such as honey farming, beef making and poultry farming. A statement issued in Abuja by Mallam Garba Shehu, said the President noted that the diversification of the Nigerian economy was long overdue … Linus Aleke: The imperative of economic diversification to any nation desirous of economic growth and development cannot be overemphasized; hence the urgent need to focus more attention on developing the non-oil sector of Nigerian economy. The recently released Nigeria Biannual Economic Update: Connecting to Compete, says economic gains were largely driven by an expansion in oil output and continued steady growth in agriculture. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB) says diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty.

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