Business
‘Agriculture, Panacea To Nigeria’s Economic Growth’
Agriculture has been described as one of Nigeria’s most powerful tools in addressing the challenges of creating more employment, better public health and greater economic growth.
The Managing Director of Duromu Farms Limited, Dayo Olu, in an interview with The Tide, stated this shortly after an Agric-business Forum organised in Port Harcourt last Saturday.
According to him, the need to focus on agriculture stems from the fact that the sector accounts for 70 per cent of the people in the rural areas, the growing demand for food and more importantly, about 44 per cent contribution to Nigeria’s Gross Domestic Product.
He stressed that the transformation of agriculture would stimulate small and medium-sized industries that are known to be the engine room of economic growth.
Olu noted that achieving economic transformation would require more investments in agricultural research and development and the development infrastructure. Also, that Nigeria needs to build its defence against biological threats to crops just as it is being done for the military.
He posited that agriculture in Nigeria in recent decades has been constrained by weak institutions and inadequate infrastructure.
“These constraints are well known. Less known are the limited application of technologies, the low skill base in the sector, and its aging population. The young are fleeing rural areas and the production side of the sector.
Similarly, financial institutions view the agricultural sector as risky and so it deserves a very small portion of commercial credit,” he said.
According to him, getting the young people interested in agriculture and developing a supportive financial system to facilitate the access of farmers, traders and processors to credit, could go a long way in addressing several national needs.
He described the agricultural setting in Nigeria as ‘dynamic’, explaining that the problems and challenges facing agriculture could be turned to profits.
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
Business
Food Security: NDDC Pays Counterpart Fund For LIFE-ND Project
Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
News2 days ago
Police Rescue Kidnapped Victim As Suspects Escape With Gunshots in Rivers
-
Politics2 days ago
Tinubu’s Contribution To Buhari’s Presidency Marginal – Ex-SGF
-
Opinion2 days ago
How Reliable Is AI
-
News1 day ago
RSG Tasks Rural Dwellers On RAAMP …As Sensitization Team Visits Akulga, Degema, Three Others
-
Politics2 days ago
Keyamo Inaugurates Ganduje As FAAN Board Chair
-
News2 days ago
Demonstrate Commitment In Improving Host Communities, Ibas Tells Corps Members
-
Politics2 days ago
Reps Constitution Review Committee Holds Zonal Hearing For Rivers, C’River, Akwa Ibom In Calabar
-
Opinion2 days ago
Is Nigeria Democratic Nation?