Agriculture pulling nigeria out of recession presidency

A great topic!

Indeed, agriculture has been identified as a key sector that can help pull Nigeria out of recession. Here are some reasons why:

  1. Contribution to GDP: Agriculture is a significant contributor to Nigeria's Gross Domestic Product (GDP). In 2020, the sector accounted for about 22.3% of the country's GDP, making it the largest sector in the economy.
  2. Employment opportunities: Agriculture provides employment opportunities for millions of Nigerians, both directly and indirectly. The sector is a major source of livelihood for many rural communities.
  3. Food security: Nigeria is self-sufficient in food production, and agriculture plays a crucial role in ensuring food security for the country's growing population.
  4. Export earnings: Nigeria has the potential to earn significant foreign exchange from agricultural exports, such as cocoa, coffee, and palm oil.
  5. Diversification: Agriculture can help diversify Nigeria's economy, reducing its reliance on oil exports, which have been a major contributor to the country's economic woes.

To achieve this, the Nigerian government has implemented several initiatives to boost agricultural production and productivity, including:

  1. Agricultural Development Policy (ADP): The ADP aims to increase agricultural productivity, improve market access, and enhance the competitiveness of Nigerian farmers.
  2. Anchor Borrowers' Programme (ABP): The ABP provides credit facilities to farmers to enable them to access inputs, such as seeds, fertilizers, and pesticides, to improve their productivity.
  3. National Agricultural Land Development Authority (NALDA): NALDA is responsible for developing and managing agricultural land, as well as providing support services to farmers.
  4. Agricultural Credit Guarantee Scheme (ACGS): The ACGS provides guarantees to banks and other financial institutions to enable them to lend to farmers at competitive interest rates.
  5. Investment in infrastructure: The government has invested in infrastructure, such as roads, storage facilities, and irrigation systems, to improve the efficiency of agricultural production and distribution.

The President of Nigeria, Muhammadu Buhari, has also emphasized the importance of agriculture in the country's economic development. In his 2020 budget speech, he stated that "agriculture is a critical sector that has the potential to drive economic growth, create jobs, and improve food security."

Overall, agriculture has the potential to play a significant role in pulling Nigeria out of recession, and the government's initiatives aimed at boosting the sector are expected to yield positive results in the long run.