- Published: Tuesday, 15 August 2017 10:04
- Sourced by SolutionsTeam
Agriculture was the mainstay of Nigeria’s economy before the discovery of crude oil. From 1960 to 1969, the sector accounted for an average of 57.0% of GDP, and generated 64.5% of export earnings. From 1970 to late 2000s, the sector’s contribution to GDP and export earnings steadily declined, because Nigeria’s focus shifted to petroleum exploration. Over the past five years, the sector has contributed an average of 23.5% to GDP, and generated 5.1% of export earnings. Due to the recent fall in crude oil prices, export earnings from crude oil has reduced significantly. This has triggered conversations around the critical role agriculture has to play in diversifying the economy.