Essay On Current N Economy

Essay On Current N Economy-7
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.

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.

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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 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.

Despite this impressive fact, it is sad to note that a majority of its citizens are wallowing in pervasive poverty even after 50 years of independence.

To him, the importance of a sound economy cannot be overemphasized.

The economy of any country is highly important to the growth and development of that country as well as the wellbeing, which is nonetheless dependent on how effective those at the forefront of managing such an economy do so Nigeria's economy has the potential to become one of the best economies of the world, if the resources at its disposal are properly utilized however a majority of its natural endowments are yet to be well maximized, which the Transformation Agenda seeks to work on to spur development.Aside the agricultural sector, other sectors such as the industrial or manufacturing and mining/quarrying subsectors had formerly contributed quite well to Nigeria's economy.But over the years, especially following the rigorous oil exploration and exportation activities the Nigerian economy had drifted towards focusing on for its national revenue marshaled by the over-ambitious government and instigated by the oil boom, the performance of these sectors began to decline.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.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.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).During the colonial times the agricultural sector encompassed the engagement of peasant farmers in the production of more cash crops for sale to be eventually exported to Western Europe, where various Nigerian communities had actively engaged in the production of diverse food and cash crops (Anyanwu et al, 1997).Some of the food and cash crops that were cultivated then include respectively, yam, cocoa yam, cassava (which was grown mostly in the South) as well as oil palm which came from the East, vast production of cocoa from the West, Cotton and Groundnuts from the North (Anyanwu et al, 1997).

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