RESTRUCTURING THE AGRICULTURAL SECTOR AS A PANACEA FOR DIVERSIFYING NIGERIA ECONOMY: A HISTORICAL APPRAISAL

EZEDINACHI, IFEOMA E. and Orizu, Oluchukwu N. (2019) RESTRUCTURING THE AGRICULTURAL SECTOR AS A PANACEA FOR DIVERSIFYING NIGERIA ECONOMY: A HISTORICAL APPRAISAL. Thinkers Journal, 1 (1). pp. 1-22.

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Abstract

The economy of Nigeria has remained underdeveloped from the pre-independence period into the First Republic and beyond. By 1969, there was a rapid growth in the volume and value of petroleum export which had started ten years earlier. One major consequence of petroleum boom from 1973-74 was the neglect of agricultural production which affected both exports and domestic consumption including food. Agriculture was left for the aged and the illiterate peasants in most areas of the country. Thus, Nigeria became a one commodity exporting country with all the hazards associated with that phenomenon. Oil revenue came in large volume and was utilized in such a way that deepened dependence and underdevelopment of Nigeria`s economy. The increase in revenue failed to bring about diversification of the economy which would have been an improvement in the strength of that sector to carry any future eventuality. In the process therefore, Multi-nationals derived more benefit than Nigeria which remains a dependent peripheral capitalist economy deploying the revenue accruable from oil on various activities. In order to succinctly achieve a proper sequential appraisal of the challenges that have continued to weigh down the country economically since Independence, and to proffer veritable restructuring panacea, the study relied on Qualitative research methodology sustained by ubiquitous secondary sources.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Arts > Faculty of Law > Faculty of Management and Social Sciences
Depositing User: mrs chioma hannah
Date Deposited: 27 Sep 2019 16:28
Last Modified: 27 Sep 2019 16:28
URI: http://eprints.gouni.edu.ng/id/eprint/2169

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