NIGERIA’S PETRO-DOLLAR ECONOMY, AGRICULTURAL PROGRAMMES AND POLICIES: A REVIEW
Keywords:
Programmes, crude oil, policies, agriculture, infrastructure, economyAbstract
This review study is centred on Nigeria’s petro-dollar economy and its agricultural programmes and policies. Despite having generated billions of dollars in petroleum revenue and numerous agricultural programmes and policies over the years, Nigeria remains a food import-dependent country with a significant infrastructure deficit. The reality is that crude oil revenues have been mismanaged due to pervasive and widespread corruption. The oil revenue has not reflected much on the quality of life of the citizens; Nigeria ranks low in terms of human capital development on a global scale. It is recommended that public officials use public funds wisely and hold themselves accountable. In order to reduce Nigeria’s annual food import bill and meet the ever-increasing demand for food, it is also recommended that the government at every level spend sufficiently and sustainably on crop production and raise productivity through the use of improved technologies, rather than relying on agricultural land expansion, which, although a good thing if only it is accompanied by improved technologies, The fisheries and livestock sub-sectors must also be enhanced through the use of genetic engineering.
References
Abbas, A.M., Ahmed, B. 2015. Poverty reduction potential of fish farming in Ondo State, Nigeria. Scientia Agriculturae 14(3): 306-313.
Adebobola, T.O., Adetunmbi, A.O., Omoniyi, O. 2023. Cost challenges facing Nigerian manufacturing industries using generating sets as main source of power supply. ABUAD Journal of Engineering Research and Development 6(1): 22-30.
Agber, T., Iortima, P.I., Imbur, E.N. 2013. Lessons from implementation of Nigeria’s past national agricultural programs for the transformation agenda. American Journal of Research Communication 1(10): 238-253.
Asoegwu, S.N., Asoegwu, A.O. 2007. “An overview of agricultural mechanization and its environmental management in Nigeria”. Agricultural Engineering International: the CIGR Ejournal 9(6): 1-22.
Awa, D.O., Rufus, A. 2017. Agricultural policy and food security in Nigeria. International Journal of Novel Research in Interdisciplinary Studies 4(1): 27-33.
Bello-Schunemann, J., Porter, A. 2017. Building the future: Infrastructure in Nigeria until 2040. Pp. 1-28. Institute for Security Studies, Pretoria, Republic of South Africa. Available at https://issafrica.s3.amazonaws.com/site/uploads/war-21.pdf
Cartwright, R., Atampugre, N. 2020. Organised oil crime in Nigeria / The Delta paradox: organised criminals or community saviours? Pp. 1-28. Available online at https://enact-africa.s3.amazonaws.com/site/uploads/2020-11-26-organised-oil-crime-in-nigeria.pdf
Daneji, M.I. 2011. Agricultural development intervention programmes in Nigeria (1960 To Date): A Review. Savannah Journal of Agriculture 6(1): 101-107.
de Jong, D. 2021. Agricultural policies and food security in Nigeria: agriculture as the road to the promised land of food security. A Master’s thesis of the Faculty of Humanities of Universiteit Leden, Netherlands.
Ezeudu, T.S., Fadeyi, T.F. 2024. Examining the influence of infrastructure deficit on economic activities, education, and healthcare in rural areas of Nigeria. Nnamdi Azikiwe Journal of Political Science 9(1): 155-176.
Food and Agriculture Organization. 2024. Nigeria Agriculture at a Glance. Food and Agriculture Organization, Rome Italy. Available online at https://www.fao.org/nigeria/fao-in-nigeria/nigeria-at-a-glance/en/
Hodges, J.C., Buzby, J.C., Bennett, B. 2011. Postharvest losses and waste in developed and less developed countries: Opportunities to improve resource use. Journal of Agricultural Science 149: 37-45. doi:10.1017/S0021859610000936
Iwuchukwu, J.C., Igbokwe, E.M. 2012. Lessons from agricultural policies and programmes in Nigeria. Journal of Law, Policy and Globalization 5: 11-21.
Jinyemiema, T.K., Amgbara, O.T. 2020. Politics of fuel importation: its consequence on development of local refineries. IEEE-SEM 8(8): 140-151.
Juma, C. 2017. Leapfrogging progress, the misplaced promise of Africa’s mobile revolution. Available at https://thebreakthrough.org/index.php/journal/issue-7/leapfrogging-progress
Manyong, V.M., Ikpi, A., Olayemi, J.K., Yusuf, S.A., Omonona, R., Idachaba, F. S. 2003. Agriculture in Nigeria: Identifying Opportunities for Increased Commercialization and Investment. Pp. 1-190. International Institute for Tropical Agriculture, Ibadan, Nigeria.
National Bureau of Statistics and United Nations Children’s Fund, Nigeria. 2022. Multiple Indicator Cluster Survey (MICS) and National Immunization Coverage Survey (NICS): Survey Findings Report, NBS and UNICEF, Abuja, Nigeria. Pp. 1-804. Available online at https://www.unicef.org/nigeria/media/6316/file/2021%20MICS%20full%20report%20.pdf
Nigeria National Petroleum Corporation and Reuters. 2022. Crude Oil Production (mbd) and Export (mbd). A report on Nigeria’s crude oil production.
Onwuemeka, I.O. 2024. Poverty amidst plenty of resources: does institutional framework reinforce the resource curse syndrome in Nigeria? International Journal of Management Studies and Social Science Research 6(1): 276-290. https://doi.org/10.56293/IJMSSSR.2024.4825
PricewaterhouseCoopers. 2023. Fuel subsidy in Nigeria - issues, challenges and the way forward.
Vanguard. 2018. Buhari’s achievements in agricultural sector listed. Available at https://www.vanguardngr.com/2018/12/buharis-achievements-in-agricultural-sector-listed/
World Bank. 2022a. Nigeria Development Update: The Continuing Urgency of Business Unusual (English). Nigeria Development Update, Washington DC. Available at https://documents1.worldbank.org/curated/en/099740006132214750/pdf/P17782005822360a00a0850f63928a34418.pdf
World Bank. 2022b. The World Bank in Nigeria. Available at https://www.worldbank.org/en/country/nigeria/overview
Yeboua, K., Cilliers, J., Le Roux, A. 2022. Nigeria in 2050: Major player in the global economy or poverty capital? Pp. 1-64. Institute for Security Studies, Pretoria, Republic of South Africa. Available online at https://issafrica.s3.amazonaws.com/site/uploads/WA-37.pdf
Yusuf, I.E. 2019. Agricultural programmes and food security in Nigeria (1960-2016). A historical overview. Humanity Jos Journal of General Studies 10(1): 143-157.
Zhang, Q., Udemba, E.N. 2023. Comparative analysis of two resources-based economies: A study of policy recommendation toward sustainable development. Resources Policy 80: 103253. https://doi.org/10.1016/j.resourpol.2022.103253
