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Agriculture has been a shining light in the Nigerian economy, contributing 25.58 percent to the gross domestic product in 2022, according to the National Bureau of Statistics (NBS). The sector contributed 26.46 percent to overall GDP in real terms in the fourth quarter of 2022,
Felix Feyijimi was a successful fish farmer until September 2019, when his fish farm in Kelema, Ondo state, was submerged under flood water
Nigeria’s agricultural products exports made up only 2.67% of the total exports value for 2021 and this is the highest it has been for the last four years.
As President Buhari unveiled the largest rice pyramid in the world on Tuesday, January 18, 2022, the prevailing message of the event was an increase in local rice production and cheaper rice for Nigerians.
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In his first interview of 2022, President Buhari responded that Nigerians would decide his legacy to the country after leaving office. When asked about his legacy to the country, like a hopeful student after sitting for an examination, he said
President Muhammadu Buhari, in a recent interview, asked that Nigerians should return to farms. This is not new as the President has often advocated for farming especially encouraging Nigerian youths to go back to the Agricultural sector.
From health to gender, security, agriculture, extractives and other sectors, Dataphyte covered all the pertinent events that unfolded in the country in 2021 and “made it make sense” for Nigerians, bringing deeper insights into the issues.
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The House of Representative Committee on Agricultural Productivity and Services has called for a public hearing of a Bill for the establishment of a Nigerian Pesticide Council. This was disclosed in a press release by Alliance for Action on Pesticide (AAPN), a group of civil society organizations working in the agriculture sector.
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.
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.
Agricultural colleges found wanting for spending ₦721.35 million inappropriately;
Rather than be the mother of all sectors, the Agric industry seems to follow the shady trails of other MDAs observed in the open treasury portal. Featuring duplicated expenditure worth over ₦3bn, it also contravened legislation. In other news, Lai Mohammed once again lied.
Nigeria’s agriculture contribution to the Gross Domestic Product (GDP) makes it the largest sector in the country. In 2014, the sector achieved a GDP of $113.64 billion. Even with low agriculture yields, conflicts, and armed insurgency, the sector still contributed $78.45 billion to the GDP in 2017. The sector contributes a cumulative of 25 per cent of the GDP and accounts for 48 per cent of the labour force. In the last five years, the sector has maintained a growth rate of 4 per cent.
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?
Since its inception in 2012, the National Sovereign Investment Authority (NSIA) has focused on enhancing the development of five key infrastructural sectors. They include; agriculture, healthcare, motorways, real estate and power. According to NETI’s recent report as of 2016, NSIA had made a capital contribution of $1,277, 653 in agriculture, N16,111,308 on the second Niger bridge and about N3,000,000,000 on Nigeria equity and shares. While the majority of its investments have been on agriculture, healthcare, motorways and real estate, no investment has been made in power infrastructure despite the strategic importance of power to Nigeria’s economy.
