Agric As Substitute For Oil

With the diminishing
revenue from the oil sector, due to the fallen price of oil, many states of the Federal Republic of Nigeria are already contemplating looking beyond the shores of oil for revenue and sustenance. Nigeria has witnessed financial catastrophe since the year 2013 following the fallen revenue from the federation account coming soon after the euphoria of sharing the proceed from the excess crude account but that is just one of those stories of life, the entity called Nigeria must not go extinct because its economic mainstay is on the slide, afterall, the United States of America  is  not a major oil producer, yet it is rated as a financial world power, perhaps there may be a need for a study into the why.
I do not think we need any study to unravel the secret of economic diversification, the idiomatic expression of not putting all of one’s eggs into one basket remains the very mentality upon which sustainability is anchored.
Luckily, the like of Osun State Governor, Ogbeni Rauf Aregbesola, has seen the need to redirect his focus on areas other than oil when he said that his administration’s new focus would be on agriculture, solid mineral development and industrialisation. Aregbesola noted that given the fallen price of oil and diminishing revenue from the oil sector, his state is already looking beyond oil for revenue, sustenance and meeting her obligations to fulfilling his electoral promises.
The diversification of an economy therefore, does not only impose on a nation the status of a multi-economic state, it rather leaves a greater percentage of the population gainfully employed so that poverty rate is reduced to the barest minimum.
Getting more hands on the deck, implies more foods on the Nigerian tables, better medicare for the families, reduced youth restiveness and militancy which on the overall, translates to better or improved living condition for the populace.
However, amidst varying options for diversification as endowed in the country, agriculture seems to present itself as one venture that is easily undertaken at a minimal cost though depending on the magnitude but with a very high rate of returns. It is also a venture that does not restrict its workforce to youths and adults, but has the potential to accommodate both the retired but not tired as well as teenagers who are willing to work . Realising at this point of our economic recession that agriculture, is one very important initiative any genuine and serious government could invest in to boost its economy will certainly light the path to a better and promising future for the nation. It does not only guarantee immediate food on the table, it is a gradual but steady way of raking in foreign exchange.
The gains of agriculture is enormous when carried out in a large scale. This can mostly be made possible with the assistance of the government and perhaps the already – established individuals so that it can be done, not just to dominate an immediate environment, but to spread to other regions and ultimately making one’s brands internationally by penetrating international market.
The government can support individuals realize their vision to expand and take their products to the farthest reach of the world. Then we can visualize and even realize a world where industrial hub develops around the agriculturists, where allied industries that support or feed from the existing operations can develop.
No doubt, opportunity created by established value chain, stimulates development, lays foundation for industrialization as well as creates opportunities for an optimum utilization of the workforce population while generating wealth which ultimately translates to increased revenue for government.
The African heads of states, more than a decade ago, realized this importance when they converged in Zimbabwe and agreed that at least 10 per cent of each country’s annual budget should be allotted to agriculture. Even though Nigeria could not see the necessity of its implementation before now, the sudden fall of the revenue from oil, is a pointer to the urgency of its recognition and subsequent implementation.
The fact that before the discovery of oil in commercial quantity in Nigeria, the nation’s economy was largely driven by the agricultural sector remains the only feasibility study any pessimist would dare to undertake for the ascertainment of its supposed potency.
There may not be any other better time to anchor our economic advancement on agricultural activities than now.