Essay On Current N Economy
However, though other sectors such as the mining and textile industry were fairly active, the agriculture sector which was centered on had highly benefitted the economy (Adedipe, 2008).
The role of agriculture in transforming both the social and economic framework of an economy can't be overemphasized (Anyanwu et al, 1997).
It is interesting to note that Nigeria as a sub-Saharan African country is one of the few countries of the world that is abundantly endowed with an abundance of diverse natural resources.
The wrong overreliance on oil had apparently encumbered the development of other sectors that could have contributed to the nation's development which of course had been instigated by the sleazy leaders at the hem of affairs.The output of the agricultural sector overtime has become highly insufficient and is in disequilibrium in proportion to the corresponding needs of the nation, as result of negligence of the sector as well as the unfavorable atmosphere and lacking incentives for the development of agriculture in the country.In addition, notwithstanding the obvious obnoxious negligence of the Nigeria agricultural sector that has suffered decline or deterioration, considering the proposed significance of the agricultural sector in spurring economic development, the Transformation Agenda via its Agricultural Transformation Agenda (ATA) seeks to resuscitate the sector.Many have argued that the discovery of oil was the beginning of Nigeria's problem, especially in her political landscape; where most of the politicians find themselves in a do-or-die power tussle in a bid to have themselves rooted in the government in order to have passable or easy access to the dividends of the national cake, our precious oil proceeds for their egocentric satisfactions.Though, oil has been a significant source of revenue that has impressively contributed to the nation's national reserve, but nevertheless it has been argued to have stirred up the hydra-headed monster of corruption in the country which has been pervasive and that has indisputably debarred progressive national development in the country's terrace.The agricultural sector of any country ought to be well catered for as this is the nerve center that envisages or provides for the nation's food security and in the case of Nigeria, the provision of avenues of livelihood for a huge number of the populace.Though, agriculture has been considered important in the national development of developing countries as attested to by Omowale and Rogrigues (1979), nonetheless, in the case of Nigeria the agriculture dais or potentiality of the nation has not been properly harnessed to adequately meet the consumption needs of the teeming populace especially since the exploitation of the oil resource.It is anticipated that Nigeria should be amongst the buoyant and developed economies of the world due to the nature of the huge natural and human resources the country has at its disposal.But however the case of the country is that of one which is yet to experience true national development complemented with its character of an irrational overreliance on a particular export product, oil for the bulk of the nation's revenue when other sectors and resources that can contribute significantly to the nation's economy and development are residing dormant or untapped.These minerals varied in their total production output, while some like coal, marble and limestone where highly produced and utilized, others such as columbite, tin ore and even the natural gas have been underutilized, which are capable of contributing impressively to the nation's revenue if well maximized.Ogwu(2006) lamented in the National Institute of International Affairs (NIIA) Founder's Day Lecture that unfortunately most of these minerals have remained unexploited while many of them have been exploited arbitrarily miners who are unlicensed miners.