Nigeria, The Most Populous African Country, With Enormous

1518 WordsApr 9, 20177 Pages
Nigeria, the most populous African country, with enormous potential in agriculture. If well managed, has the potential to become a global powerhouse through agro-industrialization. Agriculture, presently contributes less than 28% of the GDP of Nigeria, ironically holds the key for the accelerated growth and diversification and job creation for Nigerian economy. No country of the world has moved to industrialized economy status without passing through the transformation of the agricultural sector. The reason is simple. Agriculture provides the basic raw materials needed for industrial development. Food accounts for the highest share of consumer price index and providing cheap food is critical for taming inflation. When inflation is low,…show more content…
And it must start with treating agriculture as a business. It must start with taking a full value chain approach to modernize agriculture, from the farm to the table. And it must start with supporting agro-industrial development. The time is therefore short. Nigeria must rapidly invest in the development of its agro-industry, it must learn from experiences elsewhere, where agriculture has been the foundation for driving fast paced economic growth, by building a strong food and agro-industrial manufacturing base quickly. Korea for example, was in serious rural and urban poverty just fifty years ago. Not now. Korea’s per capita GDP is now 17 times that of Sub-Saharan Africa, while its total GDP is $1.3 trillion, compared to $1.6 trillion for sub-Saharan Africa put together. Korea is the 11th largest economy in the world and is a generous donor of development finance. It’s an extraordinary success story. But it wasn’t a miracle. It came from many factors that came together: strong political determination, solid long-term planning and execution, structural transformation policies and robust investments in human capital. There was a clear plan: drive import substitution by raising agricultural productivity through industrialization to achieve food self-sufficiency. More generally, the successful Asian experience offers us important lessons for agro-industrialization. Today, Asia’s agricultural output is led by large private agri-business
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