The Senior Agriculture Economist, World Bank, Dr Adetunji Oredipe, on Thursday said the neglect of the agricultural sector when Nigeria’s economy became increasingly dependent on oil has proved to be
a “disaster”.
Painting a picture of the country’s agricultural sector, the World Bank agric economist said Nigeria was now one of the largest food importers in the world. He said, “In the 1960s, we had glory. That glory was visible and significant for the global community to recognise and applaud. “Indonesia alone recorded US$16.5bn, 54.5 per cent of total palm oil exports. Unfortunately, Nigeria is not listed among the first 15 as at this moment.”
In doing this, he said the vision of the government should be to revive the rural economy by transforming Nigeria into an agriculturally industrialised economy, create wealth, jobs, and markets for farmers. “The most fundamental cause of low investment in agriculture is the low expected profitability, which stems from low productivity. Additional factors contributing to this situation include an unfavourable business climate; infrastructural deficiencies; limited access and use of long-term business credit; and the high risk of investment,” he added.
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