The role of agriculture in the economy can not be overemphasized. Agriculture is a fulcrum for economic growth and a nation’s development. It’s the basis of life; making provision for the food we eat to the fancy clothing and to how we’re able to get a place to warm ourselves and carry out daily activities.
Nigeria as a nation is blessed with agricultural resources; land and favourable weather conditions such that if efforts are intensified and attention is paid to agricultural sustainability, there are huge potentials for possible returns.
In the 20th century, before the oil boom, agriculture was the backbone of the nation’s economy and Nigeria was self-sufficient in terms of food and earnings made from exportation of cash crops. Up till date, the agricultural sector remains a large contributor to the Nigerian economy accounting for over 38% of the non-oil foreign exchange earning and employing about 70% of the active labour force of the population.
Despite, the reduced investment that the agricultural sector has experienced since the discovery of petroleum in commercial quantity in 1958, its importance cannot be overemphasized in the nation’s economy.
According to studies, during independence in 1960, the contribution of agriculture to the GDP was about 60%, which is typical for developing agrarian nations. In 1998, Agriculture contributed an estimated 32% of Gross Domestic Product (GDP) to the Nigerian economy and an estimated 32 percent of labour force was employed. In 2006, agriculture contributed 43% to GDP of $142 billion and employed 70% of the Nigerian population.
Looking at these reports and figures, the importance of Agriculture can not be understated and agricultural revolution which has been made a priority in the country is a smart move.
As humans, we depend on a wide range of Agricultural products in various aspects of life as these products are central to individual livelihoods and income generation which accumulates to a nation’s earnings. Agriculture is a key to building a sustainable community especially when we practise sustainable farming methods.
In general, the contribution of the Agriculture sector provides the basic needs of everyone, makes raw materials available for the industrial sector, and increases foreign exchange revenue for the government. At Farm Republic, it is our goal to promote agricultural production and provide working ground for more stakeholders to be involved because we believe in the future of Nigeria being shouldered by the agrarian community.