AGRICULTURE AS A RECIPE FOR AN OIL DEPENDENT ECONOMY: NIGERIA EXPERIENCE

Abstract [English]

Nigeria has a great potential to build a diversified sustainable and prosperous economy. Conversely, Nigeria has economic problems, her poverty situation is alarming though it records an impressive rate of economic growth which grew at an average 7.6% between 2003 and 2010(World Bank 2011), but this did not lead to sustainable development. This research work presents the position of agricultural sector as a dominant tool for reviving the Nigerian Economy from being monoculture. The paradox of growth in the face of poverty and inequality conflicts rational economic and social theories as well as historical trends showing vividly the structural disequilibrium in the Nigerian economy which has sustained the key productive and highly employable sectors below potential while supporting consumerism and rent-seeking sector which made laudable growth rate stranded at top of the pyramid not getting to both middle and bottom where the larger percentage of the populace can be better off. Among the recommendations made was that government should give immediate attention to the procurement and subsiding of farm tools for easy development of the sector. Also, Irrigation system should be encouraged for better efficiency in production process. More so, government should establish Companies that will convert agricultural primary product to non-perishable goods which stabilize the market price of farm product and motivate labour force to remain in the sector.