The importance of agriculture can also be measured in terms of its
contribution to be export earnings from to date.
The contribution of agriculture increased in absolute terms over the
years, from N282.4 million in 1960 to N13852.7 million I 1995. It relative
share however declined from 83.2%in 1960 to only 1.8 million in 1994.
The reasons usually adduced for this feature are its poor performance
in terms of productivity and relative importance of petroleum sector. Apart
from these factors, the relative declined in the world demand for primary
products, which constitute the bulk of Nigeria which has led to increase in the
use of major proportions of some of these products as raw materials. A strategy
for increased output is needed to ensure increased export (Structure of Nigeria
Economy).
But presently the country realized over 50.6
billion ($341.8 million) from export of agricultural produce in 2008 the
country realized 2.9 million higher than N47 billion realized in 2007
(businessdayonline.com).
2.1.4 AGRICULTURE AND BALANCE OF PAYMENTS
One must add that increased agricultural output of industrial raw
materials reduce dependence on imported inputs and goes to improve our balance
of payment position. The invigoration of agriculture is essential not only for
expansion of employment opportunity, reduction of poverty improvement of income
distribution and speeding up industrialization but also for easing the pressure
on balance of payment.
Agriculture in Nigeria performed this enviable role in 1960s and before
the advent of oil. The combined effects of short fail to balance of payments
deficits from 1981 to 1994. While net surpluses of N8.1 million and N2.4
billion were recorded in 1976 and 1980, 1981 witnessed a deficit of N2.9
billion. In 1982 deficits stood at N1, 398.3 million on and N244.8 billion
respectively while in 1994 it stood at N7, 194.9 million, having fallen from
N13, 615.9 million in 1993. This therefore confirms a greater need for renewed
attention to our agricultural sector. (Structure of Nigeria Economy)
2.1.5 AGRICULTURE AND FOOD SUPPLY
Nigerian agriculture has in recent years not been able to meet the food
needs of the country. Rather, food production per capital has been declining.
To supplement the low domestically produced food supply there has been
a substantial rise in food imports. These have taken substantial portions of
the much need foreign exchange for importing capital for development purpose.
A strong and efficient agricultural sector has the
potential to enable a country feed its growing population, generate employment,
earn foreign exchange and provide raw materials for industries. The vibrancy of
the sector has a multiplier effect on any nation‟s socio-economic and
industrial fabric, because of multifunctional nature. Therefore, the fact
remains that is why present administration introduces a 7-point agenda, aimed
at guaranteeing a better life for all NigeriansOrder for the complete Material, Visit the contact us Page
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