While there is no conclusive data on how big the Nigeria equity market depending on newspapers in nigeria, estimates for the of Africa input it over $6 billion in 2000; South Africa, the continent’s largest economy, making up half the share. High economic growth fuelled by an enthusiastic reforms programme has seen Nigeria’s growth scale to just about double the amount figure for developed markets in recent times. The country’s GDP growth rate in 2006 stood at 5.6%, significantly greater than the US (3.2%) or even the UK (2.8%)1.
Agriculture is recognized as a catalyst for your overall growth and development of any nation; development economists have always assigned the agriculture sector a central devote the development process, early development theorists though emphasized industrialization, they counted on agriculture to supply the essential output of food and raw materials, in addition to the labour force that might gradually be absorbed by industry and services sector. Much later thinking moved agriculture for the forefront of the development process; the hopes for technical improvement in agriculture and “green revolution” suggested agriculture since the dynamo and magic wand for economic growth and development.
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Several mechanisms have been set up to sustain this development and growth, effective at balancing the interests of stakeholders. Perhaps, this view need to have influenced Gordon Smith submission. He described Nigeria because the most dynamic market in Africa, which is under severe pressure from some countries in Africa to serve as a cushion from the results of global turbulence. Also, he noted that some countries like Ghana, Malawi, Mauritius, and others were based on her at the moment because of global risk exposure and that the country’s economy, led from the consolidated banks, was faraway from being impacted by the international credit crisis currently rocking the world’s financial giants. He stressed further that foreign investors, that will show patience enough to weigh the Nigerian financial system about the credit risk perspective relative to global events, will discover the nation’s financial sector more interesting to invest and raise capital from.
These statistic indicated that the more developed a country is definitely the lower the contribution of agriculture to Gross Domestic Product. Economy diversification is surely an economic development strategy seen as a increasing the amount of the revenue base of any economy. The Nigerian economy is really a mono-cultural economy depending on oil since the main way to obtain her revenue, it is essential that government ought not go on believing that oil offers an endless supply of revenue.
In priority, Nigeria government must let the rapid diversification of Nigeria’s economy since this is the sole sustainable way to survive the existing environment of global economic uncertainty of international oil price volatility and shocks, unfavourable quota system and depletion.
Diversification within the agriculture sector, based on news is therefore suggested for Nigeria as a developing economy to make certain food and nutritional security, income and employment generation, poverty alleviation and to encourage industrialization, ease pressure on balance of payment, reliable way to obtain government revenue and overall economic development of the country.
Prior to the political crisis of 1967-1970, agriculture’s positive contributions towards the economy were instrumental in sustaining economic growth and stability. The majority of food demand was satisfied from domestic output, thereby obviating the need to utilize scarce foreign currency resources on food importation.
Stable rise in agricultural exports based on nigerian news media constituted the backbone of a favorable balance of trade. Sustainable levels of capital were derived from the agricultural sector throughout the imposition of countless taxes and accumulation of advertising surpluses, which were accustomed to finance many development projects including the building and construction of Ahmadu Bello University (Zaria) and first Nigerian skyscraper-cocoa house in Ibadan. The sector, which employed 71% of your total labor force in 1960, employed only 56% in 1977, the quantity stood at 68% in 1980, falling to 55% in 1986, 1987 and 1988; and 57% annually from 1989 to 1992, and has continued to nosedive into 2000s due to the neglect in the sector.
As Nigeria makes up about 57 % of the West Africa cell phones, the country is acknowledged because the leading and the fastest growing telecom market in Africa. With cellular phone users at 44,932,181 and 734,444 for GSM and mobile CDMA respectively, her contributions to West Africa and Africa’s telecommunication growth are unable to be overemphasized. Whilst the overall economic growth rate stands at 7% yearly, the mobile telephony is all about 35-50%. Assuming that each of these connections was busy for the minute per day, the country telecoms market has the ability to generate over USD 16 million every day (USD16, 666,667) and close to USD 6 billion a year (USD 5,833,333,300). This is the reason telecom companies for example Visafone and Etisalat quickly joined the likes of MTN, Globacom, Celtel and also other telecoms providers in exploiting opportunities in the united states.