#ChartoftheDay: Nigeria’s GDP (Q3 2021)
The agricultural sector contributed the most to Nigeria’s GDP in the third quarter of 2021 with 29.9%. Trade followed by information and communication is next with 14.9% and 14.2% respectively.
Category
Agriculture
Cassava, Yam, Maize rank top ten crops produced in Nigeria BUT not top 10 crops exported
According to data from Food and Agricultural Organization (FAO), none of the top ten crops produced in Nigeria is among the top ten agricultural products exported in Nigeria.
Nigeria needs a bankable policy to reduce its $1.5 billion import bill on Wheat
Nigeria boasts of 34 million hectares of arable land area, with about 6.5 million hectares for permanent crops. Little wonder, Agriculture serves as the country’s main driver of the economy after oil. But despite the goodies in the sector, the country imported wheat worth N2.2 trillion in the last four years.
Herders and Farmers contribute more to Global Warming than Cars in Nigeria
Modern and mechanised methods of agriculture are still not mainstream in Nigeria;
Federal College of Agriculture, Akure, and others misuse ₦831.03 million, contravene FR
Agricultural colleges found wanting for spending ₦721.35 million inappropriately;
Despite ₦592.9 Billion Budget on Agriculture in the Last Five Years – There’s Less to Show For It
The Ministry of Agriculture received the sum of ₦592.9 billion in the last five years. It is just a fraction of the total budget for the period despite efforts by the Federal Government to find alternatives to oil. As price war and coronavirus disrupt global oil prices and sent economies to the north, Nigeria looked elsewhere to reduce corresponding effects on the economy. Can the agric sector by the bailout? Can it save the nation’s economy from ultimate collapse and quickly help revive the economy from the looming recession?
Nigeria Loses Three Trillion Naira Annually To Four Potential Agricultural Exports
Nigeria’s long era of boasts in an oil sector that accounts for over 70 percent of its total revenue has finally come to an end. Recent indicators show a country under immense financial duress due to an acute decline in its oil revenues in the face of an absurd population upsurge, coupled with a protracted debilitating debt condition.
Rationalising The National Livestock Transformation Plan
he Vice President, Professor Yemi Osinbajo’s led National Economic Council (NEC) recently launched a ten-year National Livestock Transformation Plan (NLTP), an agricultural initiative that involves a 100-billion-naira commitment by the federal government in collaboration with the states of the federation. This comes after the Rural Grazing Areas (RUGA) plan, a parallel plan for herdsmen supposedly invented by the Ministry of Agriculture was vehemently resisted by the larger public as an ill-intended ethnic subjugation ploy by a section of the country over others. This plan was dispensed with after many failed attempts to force it across the states of the federation.