Connect with us

Economy

Agriculture Declined by 1.33% in 2018—NBS

Published

on

agriculture
  • Agriculture Declined by 1.33% in 2018—NBS

The agriculture sector experienced a decline of 1.33 per cent in 2018, recording an increase of 2.12 per cent against the growth of 3.45 per cent recorded in 2017.

Recent Gross Domestic Product report from the National Bureau of Statistics indicated that in real terms, the sector grew by 2.46 per cent (year-on-year), a decrease of 1.78 per cent points from the corresponding period of 2017, but an increase of 0.55 per cent points from the preceding quarter.

Annual 2018 growth was 2.12 per cent, which was lower than the 3.45 per cent recorded in 2017, according to the NBS.

The sector contributed 26.15 per cent to overall GDP in real terms during the fourth quarter, slightly higher than the contribution in the fourth quarter of 2017 (26.13 per cent), but lower than the third quarter of 2018 (29.25 per cent).

Agriculture sector’s contribution to real GDP in 2018 was 25.13 per cent, up from 25.08 per cent in 2017.

The statistics reflected a not-so-impressive performance of the sector which stakeholders attributed to the ongoing crises between herdsmen and farmers in the major food baskets of the nation.

The NBS reported that four activities made up the sector; crop production, livestock, forestry and fishing.

In addition to insecurity, the country’s food production is also challenged by the lack of government financial support to farmers, inadequate basic infrastructure, rising cost of farming inputs, according to the United States Agency for International Development.

The Federal Government had ended a fertilizer subsidy regime that made fertilizer directly available to farmers, through an e-wallet system that was initiated by the former Minister of Agriculture and Rural Development, Dr Akinwumi Adesina.

The Minister of Agriculture and Rural Development, Chief Audi Ogbeh, had ended the programme, explaining that it was too expensive to sustain. The regime instead reduced the price of fertilizers from about N9,000 a bag to N5,500 a bag under the Presidential Fertiliser Initiative.

But like so many schemes, the smallholder farmers who constitute the bulk of the farming community in Nigeria do not all have access to the government schemes and not many of them can afford to pay the stipulated price for fertilizer and other farm inputs.

Experts also argued that the contribution of agriculture to the GDP would continue to remain low if the country continued in the primary mode of farming.

They maintained that for a country with 180 million people, agriculture needed to be positioned in the Fast-paced Information Technology world in order to grow.

A former Director-General, West African Institute for Financial and Economic Management, Prof Akpan Ekpo, said the country needed to embrace mechanised farming before agriculture could register any form of impact.

The Deputy Director-General for Partnerships and Delivery, International Institute for Tropical Agriculture, Dr Kenton Dashiell, recommended improvement of yield per hectare, saying that the average yield per hectare for Nigerian crops was still low compared to other countries.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

Akinwumi Adesina Says It Is Impossible for Businesses to Survive Without Generator in Nigeria

Published

on

Akinwumi Adesina

The President of the African Development Bank (AFDB), Akinwumi Adesina faulted the lack of reliable power supply in Nigeria as a hindrance to industrial growth in the nation.

Speaking at the 49th Annual General Meeting of the Manufacturers Association of Nigeria in Abuja, Adesina stated that Nigerians spend $14 billion yearly on generators and fuel. He further went on to quote a report by the International Monetary Fund (IMF) which stated that Nigeria loses $29 billion annually, about 5.8 percent of its Gross Domestic Product due to a lack of reliable power supply.

He went on to note the various challenges affecting manufacturing in the country stating that lack of reliable power supply in the country is a major challenge to manufacturers. His words were “To be a manufacturer in Nigeria is not an easy task. You succeed not because of the ease of doing business in the country, but by surmounting multiple constraints that limit industrial manufacturing. Today, the major challenge facing Nigeria’s manufacturing is the very high cost and unreliability of electricity supply. Load shedding and the inconsistent availability of electrical power have resulted in high and uncompetitive manufacturing costs.

He went on saying “Today, no business can survive in Nigeria without generators. Consequently, the abnormal has become normal. Traveling on a road one day in Lagos, I saw an advertisement on a billboard that caught my attention. It was advertising generators with the bold statement, we are the Nation’s number one reliable power supplier!!”

He then went on to proffer potential solutions to the problem, saying that Nigeria should invest in different means of energy generation to ensure the efficiency of the local industries. He suggested there should be massive investment in variable energy mixes, including gas, hydropower resources, and large-scale solar systems to ensure stable baseload power for industries to direct power preferentially to industries and to support industrial mini-grids and concentrate power in industrial zones. In addition, he suggested the development of more efficient utilities which would reduce the technical and non-technical losses in power generation, transmission and distribution systems.

Continue Reading

Economy

World Bank Says Nigeria’s Economy is Static, Per Capita Income Unchanged in 40 Years

Published

on

Sweden's economy

The World Bank claims Nigeria’s per capita income has been static since 1981, which is a total of 40 years.

The Country Director of the World Bank, Shubham Chaudhuri said this at the breakout panel session of the 27th Nigerian Economic Summit on Lightning Nigeria: Solution framework for power recovery held in Abuja.

He further went on to advise Nigeria’s economic managers to quickly assemble potent strategies to harness the robust potential of the country.

He went on to say that the medium-term development plan for 2021-2025 is set on the development agenda for sustainable growth driven by new and emerging sectors. He claimed about three million Nigerians come of working age yearly, but surveys have shown that they aspire to go abroad to earn a better standard of living.

Per Capita Income is an Economic indicator that indicates the average income earned per person in a country in a specified year. It is calculated by dividing the country’s total income by its total population. In 1981, according to World Bank data, Nigeria’s per capita income was $2,180.2 and per capita income was $2,097 in 2020, meaning there has been no significant change in four decades.

 Earlier in the session, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed called for a paradigm shift in running the country’s economy through comprehensive and targeted reforms, a reorientation of national values, and a radical shift in attitudes to taxation and public financial management. 

She said, “This is consistent with the focus of this administration on targeted investment in critical infrastructure and social development.

 The Nigerian Economic Summit is the flagship event of the Nigerian Economic Summit Group (NESG) and it is organized in collaboration with the National Planning Commission (NPC). The Nigerian economic summit has consistently focused on job creation, small and medium-sized enterprises (SME) growth, competitiveness, dismantling the pillars of corruption, encouraging sustainable growth and development, and aligning home-grown long-term agenda with the UN sustainable development goals. The 27th Nigerian Economic Summit has the theme Securing our Future: The Fierce Urgency of Now.

Continue Reading

Economy

East African Countries to Discuss Economic Recovery and Investments Promotion this Week in Kigali

Published

on

Trade - Investors King

More than 100 decision-makers and economic stakeholders will gather in Kigali this week to discuss the road to social and economic recovery and how to attract investments in East Africa. The meeting known as the 25th session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE), will take place from 27 to 29 October 2021. 

The ICSOE is the annual gathering of the office for Eastern Africa of the UN Economic Commission in Africa (UNECA) organised in collaboration with the Rwanda Ministry of Finance and Economic Planning. The theme of this year’s meeting is: “Strengthening resilience for a strong recovery and attracting investments to foster economic diversification and long-term growth in Eastern Africa”.

Dr Mama Keita, Director of UNECA in Eastern Africa said that the Covid-19 pandemic has weakened the economic conditions of all countries in the region. She stressed that the ICSOE meeting will provide a platform for various stakeholders from governments to have a conversation with experts and private sectors on the needed economic recovery and on how to re-ignite the engines of trade and investment.

Dr Uzziel Ndagijimana, Minister of Finance and Economic Planning said that this meeting is timely and significant. “This is the time for Rwanda to discuss with other countries of the region the potentials and the ability to rise and be responsive to the socio-economic challenges, exacerbated by the Covid-19 crisis.

According to Ms Keita, the African Continental Free Trade Area (AfCFTA) is undoubtedly critical to support the recovery from the severe adverse impacts of the Covid-19 pandemic, increase the economic multiplier in the region and will help countries to build back better, grow their economies and create jobs that foster inclusive growth.

The participants at the meeting will discuss thematic issues such as deepening Regional Value Chains, environment for investment Opportunities and Interlinkages between peace, security and development.

The subregional office for East Africa of UNECA serves 14 countries: Burundi, Comores, RD Congo, Djibouti, Eritrea, Ethiopia, Kenya, Madagascar, Rwanda, Seychelles, Somalia, South Sudan, Tanzania and Uganda.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending