Financing Agriculture in Nigeria through Agricultural Extension Services of Agricultural Development Programmes (ADPs)

Abstract

The ADPs were designed in response to a fall in agricultural productivity and hence a concern to sustain domestic food supplies. The study examined “Financing Agriculture in Nigeria through Agricultural Extension Services of Agricultural Development Programmes.” It sought to ascertain the extent to which agricultural extension services of the agricultural development programmes have impacted the financing of agriculture in six selected local government areas in Edo South senatorial district, Nigeria using a sample of 120 respondents. Stratified random sampling was used to select the respondents. Interview schedule served as the research instrument. The research data were analyzed using t-test and Pearson correlation, which served as the inferential statistics. The research findings showed that the extension services of ADP have impacted significantly on crop development in the selected communities but have not had significant impact on employment creation and the development of infrastructural facilities. The study also revealed that there was no significant difference between the implementation of the projects in the selected communities, as revealed by the correlation test. On the basis of the research findings, the need for a complete redesign of the project to ensure that it achieves its stated goals as well as ensure proper monitoring of its implementation were suggested, among others.

The Growth of Nigeria's Economy From 1981 to 2019 in Relation to the Financing of Agriculture

“…The economy becomes very exposed to unforeseen external shocks as a result of oil price volatility. This necessitates a turning away from oil and toward the agriculture industry (Inegbedion et al 2019).…”

Stock Prices Reaction to Oil Price Fluctuations: Empirical Evidence From Nigeria

“…In the 1960s, the contribution of the agricultural sector to the export earnings and employment was over 80%; and about "65% of the gross domestic product (GDP) and about 50% of the government revenue; the above contributions were despite the dependence of most of Nigerian farmers on traditional tools and indigenous farming methods" (Oluwafemi et al, 2015). The situation changed immediately crude oil was discovered in Nigeria in commercial quantities coupled with the exploration and subsequent exploitation of the crude oil (Inegbedion et al, 2019).…”

“…The discovery of crude oil in commercial quantities precipitated the commencement of conscious disengagement in agricultural activities. Ironically, while the agricultural sector contributed as much as over 80% (80%) to Nigeria's foreign exchange earnings in the 60s, it was the petroleum sector that took over the domination of Nigeria's foreign exchange earnings, contributing to as much as over 90% of Nigeria's foreign exchange earnings within the period (Inegbedion et al, 2019). The domination of the other sectors of the Nigerian economy by the crude oil sector caused Nigerian economy to tilt towards a mono-product economy.…”