ATTENTION:
BEFORE YOU READ THE CHAPTER ONE OF THE
PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE
TOPIC BELOW. THE FULL PROJECT COSTS N5,000 ONLY. THE FULL INFORMATION ON HOW TO
PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN
CALL: 08068231953, 08168759420
The Role Of
Agricultural Sector As An Accelerator For Economic Growth In Nigeria
ABSTRACT
The
development of agriculture since 1960 and its contribution to the growth of the
economy has been discussed in the course of this study. It is however obvious
from the analysis that though agriculture has contributed positively to
economic growth, there are fundamental problems attributable largely to the
characteristics of Nigerian agriculture. It is also evident that unfavourable
environments as well as poor implementation of economic policies were
detrimental to output increase in the sector. Thus, the pace of modernization
of the sector has been very slow. These problems and other outstanding
constraints discussed in detail in this work have prevented the sector from
contributing to the achievement of the set objectives including laying a solid
foundation for Nigerians agrarian base. Taking advantage of the ordinary least
square method (OLS), through which the research was carried out by means of
secondary data and using independent variables: agricultural total production,
agricultural import, agricultural export, foreign direct investment, and
interest rate re-examines the question
of whether agriculture could serve as an engine of growth for the Nigerian
economy. Results from the empirical analysis shows that the productivity in
agricultural sector has impacted positively on economic growth in Nigeria.
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY By
the time Nigeria became politically independent in October 1960, agriculture
was the dominant sector of the economy, contributing about 70% of the Gross Domestic
Product (G.D.P), employing about the same percentage of the working population
and accounting for about 90% of foreign exchange earnings and the federal
government revenue (C.B.N 2005).The early period of post independence up until
the mid 1970’s saw a rapid growth of industrial capacity and output as the
contribution of the manufacturing sector to G.D.P rose from 4.8% to 8.2%. This
pattern changed when oil suddenly became of strategic importance to the world
economy through its supply price nexus.
Crude oil was first discovered in commercial
quantity in Nigeria in 1956, while actual production started in 1958. It became
the dominant resources in the mid 1970s.The massive increase in oil revenue as
an aftermath of the Middle East war of 1973 created unprecedented, unexpected
and unplanned wealth for Nigeria. Notwithstanding the enviable position of the
oil sector in the Nigerian economy over the past three decades, the
agricultural sector has remained the largest and arguably the most important
sector of the economy. Agricultures contribution to the Gross Domestic Product
(G.D.P) has remained stable at between 30 and 42 percent, and employs 65
percent of the labour force in Nigeria (Aigbokhan, 2001). It is estimated to be
the largest contributor to non-oil foreign exchange earnings. This means
agriculture holds abundant potentials for enhancing and sustaining the
country’s foreign exchange.
A strong
agricultural sector, as it is recognized is essential to economic development
both in its own right and to stimulate and support the growth of industries.
Economic growth has gone hand in hand with agricultural progress. Stagflation
in agriculture is the principal explanation for poor economic performance,
while rising agricultural productivity has been the most concomitant of
successful industrialization (Ukeje 1999). The labour intense character of the
sector reduces its contribution to the G.D.P. Nevertheless agricultural exports
are a major earner of foreign exchange in Nigeria.
Like in most developing countries agriculture
remains the backbone of the Nigerian economy. Typically it is the largest
sources of employment often two third or more of the population is dependent on
this livelihood on farming. It is a well known fact that Nigeria comparative advantages
in the production of certain foods and other agricultural commodities that can
earn foreign exchange for imports of other foods.
It has long
been recognized that sustained agricultural development requires striking an
appropriate balance between investments that are directly productive in
agriculture and investment in infrastructures. Poor infrastructural services in
developing countries lead to low productivity. Much of the high productivity of
agriculture in the developed countries is as a result of massive form of
investments’ over many years in physical and institutional infrastructure.
Conversely,
the low productivity of agriculture in many developing countries reflects among
other things, limited investment in rural roads and electricity. This stems
from the concentration of public investments in urban areas where the unit cost
of providing services is typically less and logistic problems fewer.
1.2 STATEMENT OF THE PROBLEM
One of the
constraints of the growth in Nigeria has been the slow development of the
agricultural sector. The performance of the sector was undermined by
disincentives created by the macroeconomic environment.
The economic
stabilization Act enacted in 1982 affected expenditures on agriculture and
restricted imports of the agricultural products and inputs. A major problem
confronting the agricultural sector however is in its inability to contribute
to foreign exchange earnings as well as its price and income elasticity of
demand. It would be extremely difficult to attain long run sustainable growth,
If not impossible without addressing the problem of the agricultural sector.
This raises the questions of what need to be done to develop the Nigeria
agricultural sector in order to realize the potentials of the sector. This
calls for new thoughts and limitations.
1.3 OBJECTIVES OF THE STUDY
· To investigate the major causes of low
productivity in agriculture in Nigeria.
· To find out if the various policies and
programs used are effective or not.
· To identify and analyze the constraints
facing the agricultural sector as an accelerator for economic growth.
· To examine the prospect of agricultural
sector in Nigeria.
· To find out the ways to improve the
competitiveness of agriculture in Nigeria and alleviate their supply-side
constraint.
1.4 STATEMENT OF HYPOTESIS
HO: That Nigeria’s agricultural sector has not
contributed significantly to the economic growth at the country.
1.5 SIGINIFICANCE OF THE STUDY
The
fundamental importance of this study is to examine the relationship or
correlation that exists between economic and agricultural growth in Nigeria. So
far, little has been done to determine the impact of agricultural sector on
economic growth in Nigeria, but a number of studies have been carried out on
cross country analysis of less developed
countries. This approach assumes that the impact of foreign inflow is constant
across countries that are the same in all less developed countries (L.D.C’s).
Most studies in this area consider only a small number of variables trying to
establish agricultural growth.
The basic
significance of this study is that it employs econometric models with strong
theoretical under pinning that relate agriculture and economic growth in
Nigeria and that growing concern of the agricultural sector. It would be useful
to explore this come up with result that would help in the policy building of
the Nigerian economy.
1.6 SCOPE AND LIMITATION OF THE
STUDY
The study
will explore the possible ways through which the agricultural sector affects
growth and inspects the direction and examine the transmission channel of the
relationship between growth and agricultural index to be used for the study.
To achieve
this objective, the period range from 1960-2008 data will be used. This period
is chosen because published data for the variable included in the model are
available. The result of this study could be limited by the quality of the data
series available. This limitation arises from the problem of inconsistency of
data as reported by different institutions.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you
will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5,000) into our bank
Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
AFFILIATE LINKS:
myeasyproject.com.ng
easyprojectmaterials.com
easyprojectmaterials.net.ng
easyprojectsmaterials.net.ng
easyprojectsmaterial.net.ng
easyprojectmaterial.net.ng
projectmaterials.com.ng
googleprojectsng.blogspot.com
myprojectsng.blogspot.com.ng
https://projectmaterialsng.blogspot.com.ng/
Comments
Post a Comment