Monday, 3 October 2016

Sustainable Agricultural Development Through Private Sector

Going by history, agriculture was the mainstay of Nigeria’s economy before the discovery of oil in commercial quantity in 1956. Oil exploration and subsequent fortunes from it affected agriculture in the country so much that people played down agricultural activities to the detriment of the nation’s economy.
But with the decline in the country’s revenue due to the volatility in the global oil market, concerned Nigerians have said this may be the right time to return to the farms.
Agriculture is made up of four sub-activities: crop production, livestock, forestry and fishing. According to 2016 first quarter data of the Nigerian Bureau of Statistics (NBS), in nominal terms, the sector grew by 14.15 per cent year-on-year. This was higher than growth rates recorded in the corresponding quarter of 2015 and fourth quarter 2015 by 6.71 per cent points and 4.65 per cent points respectively. Agriculture contributed 19.17 per cent to nominal GDP during the quarter under review.
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