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AGRICULTURE, THE LARGEST SECTOR OF THE NIGERIA ECONOMY

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Largest sector of nigeria economy, economic growth

AGRICULTURE, THE LARGEST SECTOR OF THE NIGERIAN ECONOMY By ENOCH-ABRAHAM

The agricultural sector is seen as an engine that contributes to the growth of the economy of Nigeria. Agriculture has been an important sector in the Nigerian economy in the past decades, and still remain 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.

Economic history provides us with sufficient facts that agricultural revolution is a fundamental pre-conditions for economic growth especially in developing countries.

 

According to Nigeria bureau of statistics, in the 1960’s, agricultural contributed up to 64% to the Gross Domestic Products (GDP) but gradually declined to 48% in the 70’s and it continue in the 80’s to 20% and 19 %, this was as a result of the neglect of the agricultural sector by the federal government.

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AGRICULTURE, ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA

Agriculture has a strong hold in an economy, without it, a country will always depend on foreign countries to feed its population. The potential contribution of agriculture to economic growth has been an ongoing subject of much controversy among developing economist. Several authors argue that growth in the overall economy depend on the development of the agricultural sector.

The growth in the agricultural sector serves as a catalyst for national output growth through its effect on rural incomes and provision of resources.

 

CONTRIBUTIONS OF AGRICULTURE TO ECONOMIC DEVELOPMENT IN NIGERIA

Despite Nigeria’s rich endowment in crude oil and other mineral resources, agriculture still remains the largest sector of Nigeria economy. The Nigeria economy is essentially agriculture in terms national output and employment generation. It is the largest contributor to Gross Domestic Production (GDP) (average 38% in the last 8years).

Agriculture contributes significantly to national food self-sufficiency by accounting for over 90% of total food consumption requirements. It helps to maintain a healthy and peaceful population and also a source of food and nutrition for households.

In Nigeria, agriculture exports have played an important role in economic development by providing the needed foreign exchange earnings.

Agriculture indeed has remained the major source of income to the Nigerian economy. 99% of the rural population is involved in activities related to the crop sub-sector which provides the bulk of agricultural income. Similarly the crop sub-sector support the processing industry by providing raw materials.

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Agriculture & Nigerian Economy

CBN’s Loan to Build 300,000 Homes and Create 1.5 million Jobs in Nigeria

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The Central Bank of Nigeria (CBN) has approved N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and low income earners.

The Central Bank of Nigeria (CBN) has approved N200 billion as mortgage finance facility to the Family Homes Fund Limited (FHFL) and low income earners.

According to a statement issued by the CBN, the initiative is to be implemented in collaboration with the Family Homes Fund Limited as the lead developer, as it is introduced to support the Federal Government’s Economic Sustainability Programme in other to fast track the construction of over 300,000 homes in the 36 states of the federation and the Federal Capital Territory and create more than 1.5 million jobs.

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‘’The Programme will house up to 900,000 children and adults (at an average of 3 persons/home) on a low income with direct impact on health, education and economic outcomes. It targets those who currently live in informal settlements with shared facilities in unsanitary environments and low-income earners across the country.’’

“In that regard the Programme will deliberately aim to revive local manufacturing of construction materials including doors and windows, ironmongery, sanitary fittings, concrete products, tiles, glass, electrical fittings and bricks,’’ it read.

The funds, which would be released to the Family Home Funds by the Central Bank of Nigeria is subject to the cumulative maximum limit of N200 billion. The facility type which would be a term loan is to enable FHF finance the construction of social housing units for low-income earners and is for a 3-year tenor from the date of disbursement.

The facility, which is expected to be repaid in not more than 3 instalments within the tenor of the facility, has an interest rate of not more than 5% per annum.

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Agriculture

FG Reiterates Commitment to Achieving Food Security

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FG Reiterates Commitment to Achieving Food Security

President Muhammadu Buhari has assured Nigerians that the Federal Government will continue to support individuals taking advantage of the immense opportunities in the agriculture and agribusiness sector.

The President stated this at a meeting with the National Food Security Council in Abuja on Thursday where he equally commiserated with the victims of the devastating impact of recent floods in some parts of the country.

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He added that the government has deployed thousands of agro rangers to protect agricultural investment and boost confidence of local farmers.

President Buhari further disclosed that the federal government is working to ensure the losses from the wet season are replaced in the coming dry planting season.

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Agriculture

Rice Farmers Urge FG not to Re-open Borders

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Rice Farmers Urge FG not to Re-open Borders

The Kano State Chapter of the Rice Farmers Association of Nigeria (RIFAN) has called on the Federal Government not to reopen the country’s borders for rice importation.

The Kano State RIFAN chairman, Alhaji Abubakar Aliyu, made the call during a press briefing in Kano, on Tuesday.

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The chairman said that opening of the borders would be suicidal to Nigeria’s economy and only people with bad intentions towards the achievement recorded by the present administration would make such suggestions.

He added that the recent increase in the price of rice paddy in the country has been attributed to some middle parties who created an artificial paddy scarcity in the nation.

“Rice farmers produced a reasonable quantity of paddy during the last dry season, but there are some financially viable middlemen who neither grow nor mill rice but they are buying and hoarding paddy.

“They have big warehouses stocked with paddy thereby creating an artificial scarcity in the market which resulted in the hike of rice price,” he said.

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"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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