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Sailing the Nigerian Economy out of Limbo via
Agricultural Cardinal Points
Evans Osabuohien
Professor of Economics at Covenant University, Ota & Chair, DePECOS
Institutions and Development Research Centre (DIaDeRC), Nigeria
Presented at 7th Annual Public Birthday Lecture in Honour of Oba Samuel
Olufemi Ojugbele organised by DAMA Media Concept, Ota, Nigeria
20th April 2024
Outline
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Introduction: Agriculture-SDGs Nexus
Nigerian Economy in Limbo
Nigerian Economy Can be Driven by Non-oil Sectors
Agricultural Cardinal Points
Way out- Some Recommendations
Concluding Remarks
Introduction:
Agriculture-SDGs Nexus
•Agriculture relates to 10 out
of 17 (1,2,3,7,8,9,12,13,14&15).
•Thus,frantic attention on
them will contribute
significantly towards SDGs
attainment in Nigeria.
•Also,when most sectors
declined,agriculture grew
by 4.6%.
Nigerian
Economy
in Limbo
(Current
Realities)
i. Exchange rate palaver
ii. Insecurity
iii. High cost of living
iv. Fuel pump rise (subsidy removal)
v. Galloping food prices & Looming
food crisis
vi. Poor Power supply etc.
4
Inflationary Dimensions & Dynamics
5
6
Nigerian Economy Can be Driven by Non-oil Sectors (1)
7
FBT (Food, Beverages & Tobacco); TAF (Textile, Apparel &Footwear);Tel (Telecommunications &
Information Services); PSTS (Professional, Scientific & Technical Services); Fin (Financial and Insurance)
Source: NBS (2022, N’ trn)
Note:the non-oil
sector accounts for
91%in GDP
Nigerian Economy Can be Driven by Non-oil Sectors (1)
8
Agricultural Cardinal Points (1)
9
Agricultural Cardinal Points (2)
•Boosting crop production.
•Major crops cassava, yams, maize,
millet, and rice.
•Importance of improved farming
practices & modern agricultural
techniques
•Value chain development
10
Agricultural Cardinal Points (Crop Production)
Agricultural
Cardinal
Points
(Animal
Husbandry)
•Potential for growth in the livestock
sector.
•Need for better animal husbandry
practices and disease control.
•Economic benefits of a thriving
livestock industry.
•Ranching versus nomadism
11
Agricultural Cardinal Points (Fishery + Aquatic Lives)
12
Opportunities in the
fisheries sector.
Sustainable fishing
practices, aquaculture, and
the potential for export.
Climate and weather
updates.
Beyond harvesting to
processing, packaging &
distribution
Agricultural Cardinal Points (Forestry)
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Importance of
sustainable forestry
practices.
Economic and
environmental benefits
of a thriving forestry
sector.
Measures for
conservation &
responsible timber
harvesting.
Wood processing
leading to creation of
jobs
Less dependence on
imported furniture
Some Way out (Recommendations)
•Government initiatives to support agriculture
•Encourage investment (provide access to credit)
•Support research & development
•Youth Participation (Agribusiness)
•Private-Public Partnership
•ICT adoption
•Role of institutions (formal and informal)
14
Concluding Remarks
•Agricultural sector can contribute to the
sailing of the Nigerian economy out of Limbo:
•Ensuring food security
•Employment generation
•Wealth creation (poverty reduction)
•Industrial development (backward &
forward linkages)
•Room for innovations &technological
development
•Rural development
•Reduce high food importation
•Foreign exchange earning (via export)
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