ECONOMIC RECESSION AND AGRICULTURAL SECTOR IN NIGERIA: CAUSES, EFFECTS AND THE WAY FORWARD

TUBOTAMUNO, Boma and OBAYORI, Joseph Bidemi

ECONOMIC RECESSION AND AGRICULTURAL SECTOR IN NIGERIA: CAUSES, EFFECTS AND THE WAY FORWARD

 

  1. TUBOTAMUNO, Boma

Department of Economics, University of Port Harcourt, Port Harcourt, Rivers State, Nigeria.

  1. OBAYORI, Joseph Bidemi

Department of Economics, Nnamdi Azikiwe University Awka, Anambra State, Nigeria.

Correspondence Email: profobj2000@gmail.com

 

A R T I C L E  I N F O

Article Type: Review

Received: 26, Mar. 2020.

Accepted: 18, April. 2020.

Published: 19, April. 2020.

 

A B S T R A C T

The central focus of the paper is to examine the economic recession and agricultural sector in Nigeria. The objectives of the paper were to; examine the causes of economic recession; examine the effects of economic recession on the agricultural sector in Nigeria; and investigate ways to resolve economic recession in Nigeria. To achieve these objectives, the paper utilized library science method and collected data from secondary materials. The paper found that amongst the causes of economic recession are; over-dependence on crude oil, neglect of agricultural sector, over importation of finished goods and farmers/herdsmen conflicts. In like manner, amongst the effects of economic recession on agricultural sector were that recession; encouraged many people to go back to farming, led to job losses, led to food insecurity and increased price of goods and services. In conclusion, the paper showed that economic recession is not desirable and therefore suggested that some stringent measures to avert recession include; large scale farming in order to increase agricultural production and boost GDP. Also, there should be an increase in budgetary allocation to the agricultural sector in order to increase export of agricultural produce and hence economic growth.

Keywords:

Economic Recession, Agricultural, Farmers, Causes, Effect, food insecurity, GDP and Forward

 

 

 

REFERENCES

  1. Ajieh, P. C. (2006). Farmers’ perception of extension services of the Delta State Agricultural Development Programme (DTADP), Journal of Agriculture and Social Research (JASR), 6(2), 59-65.
  2. Anigbogu, T. U., Abosi, O. E. & Okoli, I. M. (2015). Socio-economic factors influencing agricultural production among cooperative farmers in Anambra State, Nigeria. International Journal of Academic Research in Economics and Management Sciences, 4(3).
  3. Central Bank of Nigeria (2017). Annual report and statement of account for the year ended 31st December 2017, Abuja Nigeria
  4. Enoma, A. (2010). Agricultural credit and economic growth in Nigeria: An empirical analysis. Business and Economics Journal, 10(14), 1-7
  5. Ezeanyeji, C.I., Imoagwu, C.P. & Ifeako, M. (2019). Impact of recession on economic growth in Nigeria. International Journal of Economics, Commerce and Management, 7(4), 207-221
  6. Food and Agriculture Organization (FAO) (1997). Agriculture, food and nutrition for Africa. FAO Publishing Management Group, Rome.
  7. Gbosi, A. N. (2015).Contemporary Macroeconomic Problems and Stabilization Policies. Port Harcourt: Antoric Ventures.
  8. Ifabiyi J.O. & Banjoko I.K. (2018) Economic recession coping strategies in Nigeria: The case of rural dwellers in Moro Local Government Area of Kwara State. Journal of Global Economics, 6(1), 1-4
  9. Kamar. B. (2012). Financial Crisis. International Monetary Fund Institute for Capacity Development.
  10. Loto, M.A. (2011). Impact of economic downturn on the performance of agricultural export in the Nigerian economy; a quarterly empirical analysis. Journal of Emerging Trends in Economics and Management Sciences (JETEMS), 2(6), 504-510
  11. Mbah, P.C., Chijioke, E. & Nebechi, O.F. (2018). Effect of economic recession on the performance of manufacturing firms in Enugu State. International Journal of Academic Research in Economics and Management Sciences, 7(2), 32-44
  12. National Bureau of Statistics (NBS, 2016). Economic Recession Worse Expected. www. nigerianstat. gov.ng/sectorstat/sectors/agriculture. Retrieved: August.15, 2016
  13. Obayori, J. B. (2016). Fiscal policy and unemployment in Nigeria, The International Journal of Social Sciences and Humanities Invention, 3 (2), 1887-1891
  14. Obi, K.O. & Obayori, J.B. (2016). Dynamic effect of government spending on agricultural output in Nigeria. The International Journal of Social Sciences and Humanities Invention, 3(2), 1880-1886
  15. Ogbimi, F.E. (2007). Solution to Mass Unemployment in Nigeria. Obafemi Awolowo University Press Limited.
  16. Oyewole, S. O. & Olaniyi, O. N. (2017). Business educators’ perception of the impact of economic recession on Nigeria’s socio economic. International Journal of Innovative Research in Education, Technology & Social Strategies, 4(1), 31-84.
  17. RTC Advisory Services (2016) Nigeria’s Economy and Recession: Outlook for 2017, Lagos, Nigeria.
  18. Shido-Ikwu, B.S. (2017). Economic recession in Nigeria: A case for government intervention. International Journal of Economics and Management Studies (SSRG-IJEMS), 4(6), 50-53.
  19. The Nigerian Vanguard (2017) Nigerian Economy. www.nigerianvanhuardnews.com Retrieve on May 26.
  20. Webster, M (2008). Online Dictionary. Retrieved 19 November 2008.

 

  1. UNESAP (2009). Achieving the millennium development goals in an era of global uncertainty. Asia-Pacific regional report. Economic and Social Commission for Asia and the Pacific, Bangkok.

 

 

 

 

 

 

This work is licensed under a Creative Commons Attribution 4.0 International License.