Author : George umeji
Keyword : Diversification, agriculture, growth, sustainability
Subject : Economics
Article Type : Original article (research)
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Abstract : This study, diversification of the Nigerian economy through agricultural sector transformation, using descriptive research method, examined the role and challenges of the agricultural sector in the diversification of Nigerian economy. The findings showed that agriculture contributes to the economic development of a country as it increases domestic supply of food for consumption; releases labour for employment in the industrial sector, increases market size for industrial output, increases supply of domestic savings, and increases foreign exchange earnings. However, some of the challenges facing the agricultural sector in Nigeria are lack of high-yielding seedlings, poor extension services, lack of credit facility to the sector, lack of storage facilities and poor infrastructures in the country. It was concluded that it is difficult to project what revenue will be accruing to Nigeria from oil revenue due to the volatility of the global crude oil market and this has far-reaching consequences for Nigerian economic planning. It is the recommendation of this study that the government should place priority on the urgent funding of research in the Universities of Agriculture for the development of high yielding seedlings in the country.
Article by : George Umeji
Article add date : 2022-01-27
How to cite : George umeji. (2022-January-27). Diversification of the nigerian economy through agricultural sector transformation. retrieved from https://www.openacessjournal.com/abstract/1010