THE IMPACT OF AGRICULTURAL MARKETING ON NIGERIA ECONOMY

THE IMPACT OF AGRICULTURAL MARKETING ON NIGERIA ECONOMY

Nigeria, one of Africa’s most populous countries has a highly diversified agro-ecological condition which makes the production of a wide range of agricultural products possible. Agriculture is one of the most potentially viable sectors of the Nigerian economy, particularly in terms of its employment generation potentials as well as its contribution to Nation’s Gross Domestic Product (GDP) and export revenue earnings.

Inspite of Nigeria’s rich agricultural resources endowment there has been a gradual decline in agriculture’s contribution to the nation’s economy: in the 1960s, agriculture accounted for 65-70% of total exports; it fell to about 40% in the 1970s and crashed to less than 20% in the late 1990s.

The decline in the agricultural sector was largely due to rise in crude oil revenue in the early 1970s. However, by 2007 the decline in crude oil revenue had become evident and the government (state and federal) recognized the need to diversify the nation’s economy by taking steps to promote the development of the agricultural sector.

Nigeria being an agrarian nation cannot de-emphasize the importance of agriculture not only to her economy but also to general well being of the populace.

The basic impact of agricultural marketing to the Nigerian economy includes but not restricted to:

i. Provision of food for all
ii. Provides employment for about 70% of the population
iii. Source of family and national income
iv. Generate savings both external and internal revenues
v. Supplies raw materials for use in other productive sector of the economy
vi. A major user of products of other sectors, thus encouraging economic activities
vii. Finally contribute significantly to the GDP (about 32%)

Agriculture is the most basic of the national economy of material production sectors, is the source of human food and clothing, survival of the country, industrial and other material production sectors and all non-material production sectors of the necessary conditions for the existence and development, supporting the continuous development and progress of the whole national economy.

REFERENCES

Ronald Schrimper (2001): Economics of Agricultural Markets. 1^st Edition Prentice Hall: Upper Sadiller River, New Jersey USA. Pg 120 – 135.

Bola, O. (2007): Nigeria Agricultural Sector, Oxford University Press, Central Bank of Nigeria 2007, Statistical Bulletin Vol. 18, Pp 132 – 149.