AN OVERVIEW OF ECONOMIC DEVELOPMENT OF IMO STATE

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AN OVERVIEW OF ECONOMIC DEVELOPMENT OF IMO STATE

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

When Nigeria attained political independence in 1960, agriculture was the dominant sector of the economy. It constituted over 65% of the country’s Gross Domestic Product GDP, and provided the bulk of foreign exchange earning through the export “cash crops: the sector catered adequately for nearly all the raw materials for industry in the country. Major exports crops included cocoa, groundnuts, cotton, palm oil, and rubber.

Conventionally ascribed to the agricultural sector in a growing economy are there of:

i. Provided adequate food for an increasing population.

ii. Supplying raw material to growing industrial sector.

iii. Constituting the major source of employment export.

iv. Providing a market for the products of the industrial sector.

Agriculture is thus seen as the backbone of these economies. Nigeria is predominantly in agricultural economy an as long as she remains so; the future of this sector in performing its role becomes important.

The early 1950’s and 1960’s agriculture play a crucial role in economic development as a nation. It provided employment to millions of Nigeria and over 75% of the labour force mostly from this sector accounted for about 70% of the Gross Domestic Product (GDP) this was a period when we were not only initially self-sufficient in the production of food crops to feed ourselves but also provided raw materials for industries and major cash crops for export.

Indeed, agriculture provided the main stimulus to our national economic growth despite the small form holding and primitive productive production systems. These contributions of agriculture to the nation over shadowed all other economic sectors in the early 1960’s however, the reverse was the case in the seventies when its share of the GDP declined to 34 percents by 1974. This was due to partly the phenomenal growth during the period and partly to the persistent neglect of the agricultural sector itself in terms of the relative shore of resources denoted to the sector. Similarly, the growth rate of the agricultural production exhibited a down work trend during the period.

The inadequate domestic food production was reflected in Nigeria, massive food imports, especially in the 1970’s and 1980’s to argument domestic supply the decline in the production of some of Nigeria’s leading agricultural export commodities was most worrisome for instance leading produces and exporter of palm oil in the 1980’s had become a net importer of this commodity in the mid-1970’s.

The performance of agriculture during the review period was undermined mainly by its neglect coupled with a chain of discontinued created by the boom among the latter mere currency over-millions, which cheapened food imports and two offered unfair competition to domestic production. Low demand for traditional food crops in the face of cheap import (such as rice, maize, wheat and grain based products and sugar) discouraged farmers from expanding domestic output. In the corn export the growing over-valuation of the naira complied with the implicit taxation of farmers by the commodity boards, put production for export at a comparative disadvantage.

1.2 STATEMENT OF PROBLEM

Crop and plants are at the mercy of disease and pests because the rural farmers are un-educated, they are ignorance of preventive insecticide against these diseases and pests, empirical evidence has revealed that for genuine development to take place in any economy, concrete efforts should be made to develop the rural and urban sector simultaneously. The view is held in some quarters that development efforts in Nigeria, have been urban biased. However, some measures have been taken by the Nigeria government to develop the rural areas. Despite all the efforts rural development in Nigeria is still logging behind. Therefore my study has been induced by this need.

1.3 OBJECTIVES OF THE STUDY

1. To examine their importance and planning strategies

2. To examine the benefit of Adapalm to the people of Ohaji/Egbema government area.

The discussion shows the establishment of Adapalm resonate the rural urban movement of the youths in the area. To guide our study the following research question are put forward.

1.4 RESEARCH HYPOTHESIS

1. Are the people of Ohaji/Egbema local government area benefiting from company at all?

2. To what extent has the establishment of Adapalm project helped to check the rural-urban migration of the youths in the area?

3. What are the external costs and external benefits emanating from the activities of the company?

1.5 SIGNIFICANCE OF THE STUDY

Agriculture as we all know was a hub in the GDP of this country before the oil boom. This study will help us to understand again the numerous profits we derive from agriculture especially palm produce.

To the individuals, we are going to understand that agriculture can give us enough employment instead of going to urban centre to look for white collar jobs. Government would see again the reasons to resuscitate this dying agent of agricultures which earned us a very high foreign exchanges before independent. To say that without agriculture there is no way we can talk about food security is not overstatement; this means that agriculture can supply us all we need in terms of food production.

1.6 SCOPE AND LIMITATION OF THE STUDY

The study will cover the activities of the Adapalm project from its inception to data and from the point of view of its economic impact on Ohaji/Egbema Local Government Area in Imo State.

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