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THE ROLE OF AGRICULTURAL PRODUCTION ON NIGERIA’S ECONOMY
Abstract: Nigeria’s agricultural sector has a high potential for economic growth for the country, but this potential is not being realized. Agricultural Productivity is very low. Farming system that use to be large in scale are now basically small in scale, most farming are still predominantly subsistence -based. Many agricultural policies have not really been effective, either because of change in governments or lack of political will these has led to high rate of inflation and low GDP, high food import rate which has also led to high foreign exchange rates, and the cost of capital.
Recognizing these challenges, the study therefore: Determine the relationship between agricultural production and the Nigeria economy; Identify ways in which agricultural production can contribute to Nigeria’s economy; Assess the factors responsible for the decline in agricultural production in Nigeria; and Analyse ways in which agricultural sector can be elevated in Nigeria. The analytical techniques used are step wise regression, correlation analysis, and descriptive statistics.
There is a positive and significant relationship between agricultural production and the Nigeria economy, some of the
ways in which agricultural production can contribute to Nigeria’s economy are employment, reduction of inflation, reduce deficit among others, factors responsible for decline in agricultural production in Nigeria are Oil boom, lack of access to credit and land, agricultural sector can be elevated through consistency in government agricultural programmes, provision of agric inputs among others.
Keywords: Agricultural production, Economy, Nigeria