The economy has recovered from recession and we have had six quarters of growth. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB) says diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty. The Nigerian economy isn’t void of sectors with potential; instead these sectors are starved of patient investment in the form of foreign direct investment (FDI. These have exposed the fragility of the Nigerian economy and the need to wake up and join Godwin Emefiele’s crusade on economic diversification which previously seemed elusive. Diversification: FG to consider mining, agriculture as viable options March 16, 2021 President Muhammadu Buhari addressing the abducted students in Katsina, December 18th, 2020. The country follows a resource based growth strategy driven by the production and exporting of oil. The Nigerian economy has various sectors ranging from education to healthcare, solid minerals, petroleum, agriculture, and much more. To suggest ways of removing these constraints. Since 1979 that I came to Lagos, people have been talking about the diversification of the Nigerian economy. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB) says diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty. Before the prominence of petro-leum industry, Nigerian economy was dependent on agriculture. It can raise incomes, improve food security and benefit the environment. This was the position of the President Moringa Farmers and Manufacturers Association of Nigeria, Mr. Michael Ashimashiga while briefing newsmen in Abuja, on the ‘Diversification of the Nigerian Economy through the Agricultural Sector. A one Naira increase in labor cost (labourcost) is associated with a 2.770284 significant rise in the relative log odds of youths being in large enterprise compared with those in small-scale enterprise. diversification of the nigerian economy through agriculture: the effect of industrialization policy and sapon the nigerian textile industry The Federal Government of Nigeria has introduced policies and programmes aimed at diversifying the Nigerian economy away from oil since the early 1970s, notably the industrialization policy and the structural adjustment programme (SAP). INTRODUCTION In Nigeria, agriculture remains the mainstay of the economy employing about 65-70% of the labor force. Nigeria’s economy of the post-2016 recession should thrive on export diversification. Oyebanji stated this on Monday in Okada, Edo while delivering the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Nigeria ... sectors in the Nigerian economy. Hence, the researcher has decided to conduct this study on diversification of revenue in Nigeria. Consequently, it has had a chequered growth trajectory driven by the vicissitudes of oil prices. To identify the constraints hampering Agriculture as a tool for the diversification of the Nigerian economy for sustainable development. contributions to the growth of the Nigerian economy. Home » News » Kwara gov. By design, it will create business models and opportunities that would stimulate huge jobs and wealth creation and eventually, economic diversification through agriculture, writes Mubarak Umar To suggest ways of removing these constraints. Diversification of the Nigerian Economy through Human Resource Development and Utilization Friday Ogbu Edeh1* & Ikechukwu Dialoke2 1Department of Business Administration, Alex Ekwueme Federal University, Ndufu-Alike, Ebonyi State, Nigeria 2Department of Industrial Relations, Michael Okpara University of Agriculture, Umudike, Nigeria it is the best route to economic diversification, especially in developing countries like Nigeria. October 14, 2020 Editorial IV Editorial 0. Oyebanji stated this on Monday in Okada, Edo while delivering the 22nd Founder’s Day Lecture of the Igbinedion University, the first private university in Nigeria.… The book advocates a two-party federalism, tribal nationalism and economic prosperity based on a participatory instead of rotational presidency. The Nigerian economy was challenged by the continued downslide in the international price of crude, snowballing into a foreign exchange crisis. Imperative of Economic diversification. Keywords: Agriculture, Economic Growth, Poverty, Economic Diversification. The Federal Government says it was committed to pursuing the diversification of the country’s economy through the development of the agriculture sector, Minister of State for Agriculture and Rural Development, Mustapha Shehuri, has said. ADE ADEFEKO, one of the leading players in […] Also read [Central Bank of Nigeria Communiqué No. Are you a final year student? The country became independent from Great Britain in 1960, and at those old times, agriculture was its main source of income. Mrs Edobong Akpabio, the new Chairperson, Agriculture and Agro-Allied Group, LCCI, gave the charge in an interview with the News Agency of Nigeria (NAN), on Saturday, in Lagos. In agrarian economy, agriculture is a hub of economic activities and a major source of growth for the national economy. Diversification Of The Nigerian Economy, Restructuring As First Principle, By Professor Akinyemi Onigbinde August 11, 2017 Admins Columns 0 (being the text of an Address delivered to the First Annual Conference of the Guild of Editors of Corporate Online Publishers(GOCOP) on Thursday, August 10, 2017 at the Renaissance Hotel, Ikeja, Lagos “The diversification of this economy is very important, in fact, we are late. Get List of Project Topics and Ideas with Complete Material Guide. A statement issued in Abuja by Mallam Garba Shehu, said the President noted that the diversification of the Nigerian economy was long overdue … Adequate funding of agriculture will be an appropriate option in the diversification of the nation’s economy. While Nigerian authorities are cutting down allocations to agriculture against the backdrop of its promise of economic diversification through agriculture, the Brazilian authorities increased their total budget for agriculture by 24.3% in the 2017/2018 budget. 129 of The Monetary Policy Committee Meeting of … Nigeria continued to export cocoa, cotton, rubber, palm oil, groundnut to Britain. As a matter of fact, there is an urgent need for the Nigerian government to begin looking into diversification of the economy into the agricultural sector so as to attain solid economic growth. Bank, Nigerian Export-Import Bank and the Nigerian Export Promotion Council The aim of NATIPP is to facilitate the expansion of Nigeria’s trade and investment into Africa Nigeria–Africa Trade and Investment Promotion Programme • The Presidential Economic Diversification Initiative (PEDI) aims to enhance trade capacity in Agriculture by It also means that, with a more robust and diversified economy, Nigeria … Agriculture, also is important for the diversification of the Nigerian economy. Prof. Oyelaran-Oyeyinka Oyebanji, Senior Special Adviser on Industrialisation at African Development Bank (AfDB) says diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty. This was the position of stakeholders at NPNEN Annual Non-oil Export Conference, Exhibition and Awards 2021 (NPNEN-NECA 2021) with theme 'Rebuilding Nigeria Economy through … Nigeria is the largest economy in Africa, with a GDP in excess of US$ 500 billion, dependent on oil and gas exports for the bulk of government revenues as well as foreign exchange. One of the ways agriculture aids economic diversification is through production of export products. The ministry’s spokesperson, Ezeaja Ikemefuna quoted Shehuri as giving that commitment when he visited the Governor of Bayelsa, Douye Diri in … the agricultural sector as the key to the diversification of the nigerian economy for sustanable dev; overview cite this work. Agriculture can help reduce poverty for 75% of the world's poor, who live in rural areas and work mainly in farming. Being the text of an Address delivered to the First Annual Conference of the Guild of Editors of Corporate Online Publishers(GOCOP) on Thursday, August 10, 2017 at the Renaissance Hotel, Ikeja, Lagos OPENING REMARKS Let me begin, as should be expected by the code of conduct amongst people of Yoruba extraction, a Nigeria ethnic-nationality group […] To see how Agriculture can be used for the diversification of the Nigerian economy in order to achieve sustainable development. Agricultural funding as solution to nigeria economy diversification. 2.0 Stylized Facts on Economic Diversi cation in Nigeria Pre-independent and earlier Post-independent era of Nigerian economy was a rela-tively diversi ed economy. Major agricultural policies in Nigeria from 1960-2005 Macro-economic variables affecting economic growth Government expenditure Investment Foreign investment The new Nigerian Agricultural Policy 2.0 The role of agriculture in an economy It is important to first define the term-Agriculture before talking about the role of agriculture in the economy. As part of efforts to contribute to Nigeria’s economic diversification, the bank in 2017 began organising the annual agriculture expo, with a focus to lead national discourse on the economic benefits of sustainable agriculture value-chain as an alternative source of economic development and foreign exchange through export. It also means that with a more robust and diversified economy Nigeria will be on the path to become a stronger global economic power. In 2016, it grew by 4% despite the contraction of the country’s real GDP. Complete project topics and materials for Final Year Students All our project topics and materials are accurate Call 08147426197 Now for your Complete work. First, the volatility of the international oil market with the attendant volatility of government revenue gives credence to any argument for diversification of exports. But the task of greening the Nigerian economy is too important to be left to the federal government alone. Akpabio, who began a two-year tenure in May, expressed her optimism on the role of agriculture in reviving the Nigerian economy. economic diversification is vital to Nigeria’s long-term economic growth. Diversification of the economy. The diversification of the Nigerian economy is necessary for important reasons. production on the Nigeria economy? He made Nigerians know that the way out of the economic quagmire is diversification from oil to agriculture and non-oil products. The guest speaker said South Korean economy, which was on the same pedestrian with the Nigerian in 1960s in spite of being non-resource based, had performed incredibly strong through export diversification whereas Nigeria hardly diversified. The Nigerian Government, conscious of the over-dependence on Oil which constitutes about 95% of generated revenue, has embarked on many measures to give the Nigerian a new lease on life. nation’s export base (Adedipe, 2004). The circular economy model can revolutionise our economy if well-harnessed, and can become a guiding force in livelihood, business, and government particularly diversification of the economy. The Diversification of Nigeria's Revenue Base from dependency on crude oil is a crucial step Nigeria must take to achieve sustainable economic growth and stability. Every Nigerian leader since 1960 has promised to diversity the country’s economy by shifting its dependency from crude oil to Agriculture, but none has done anything tangible in making this happen.
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