(+234)-916-495-6264     |      iprojectresearchonline@gmail.com

A SURVEY OF FUEL HIKE AND ITS IMPLICATIONS ON FOOD PRODUCTION AND SUPPLY IN NIGERIA

  • Project Research
  • 1-5 Chapters
  • Quantitative
  • Simple Percentage
  • Abstract : Available
  • Table of Content: Available
  • Reference Style: APA
  • Recommended for : Student Researchers
  • NGN 4000

BACKGROUND OF THE STUDY: A historical examination of the Nigerian economy and its expansion reveals farming as the primary economic sector and the source of foreign exchange. Agriculture accounted for more than 80% of export profits and salaries in the 1960s, but over time, it contributed for around 65 percent of economic growth.

Agriculture contributed 34 percent of GDP in 1970 and 50 percent of GDP in 2003 (Daramola, 2004). Agriculture currently accounts for 41 percent of the actual economy, while crude oil accounts for 13 percent. Agriculture contributed around 50% of GDP in 1970 and 34% in 2003. Daramola (2004) defines formalized formalized formalized formalized formalized formalized formalized formalized formal Currently, agriculture accounts for 41% of real industries, while crude oil accounts for 13%. Despite the fact that agriculture is no longer the primary contributor to Nigeria's GDP and the primary source of foreign exchange revenue, the oil industry as a whole has experienced phenomenal growth.

Agriculture also predominates in terms of jobs and ties to the rest of the economy, as Abayomi points out (1992). Agriculture is the most important industry for the great majority of Nigerians, employing two-thirds of the workforce and accounting for one-third of GDP 2002 (Agro-Ind). The growth of Nigeria's oil sector in the early 1970s caused significant structural adjustments in the economy. In response to the oil boom, government expenditure has increased, promoting a variety of other economic activities such as infrastructure construction, the establishment of new institutions, the expansion of existing institutions, and the importation of consumer goods. These advancements have aided the naira's appreciation (Dutch disease), but there has been no commensurate rise in commercial agricultural commodities (Kwanashie et al., 1998; J. Olusi and M. A. Olagunju, 2005; A.T. Edun, 2012). Human and animal factors drive the majority of the energy need for agricultural output. The usage of petroleum products in agricultural production has been documented. The use of motorized water and diesel-powered tractors for agricultural mechanized activities demonstrates this modest but significant advantage over human and animal power (Sambo,2005). Meanwhile, a robust and productive agriculture sector will allow a country to feed its growing population, create jobs, trade, and supply raw materials to businesses. Agriculture has a multiplier effect on the socioeconomic and industrial fabric of any country due to its multipurpose existence.

Share this topic with your friends