Agriculture’ Apotheosis in Nigeria: A Pathway to Economic Recovery

UNIOSUN International Journal of Business Administration, 2(1), 106-125, 2018

25 Pages Posted: 18 Jul 2019

Date Written: November 30, 2016

Abstract

With the dwindling prices of oil and its accompanying global shocks, agriculture in Nigeria is beginning to enjoy some form of economic apotheosis despite the volatile, uncertain, complex, ambiguous, risky and turbulent environmental conditions that characterize the Nigerian business environment. This case note is not a deliberate contribution to apotheosize the Nigerian agric-sector, but an attempt to present a narrative which initiates a methodical examination of the opportunities the agric-sector portends for Nigeria’s macroeconomic stability. The case narrative was amplified with a time-series data, which was analyzed and interpreted to substantiate the basic economic premise underlying the case, which states that — Nigeria as an emerging market economy plagued with the “Dutch Disease”, should return to its non-resource tradeable sector, that is, agriculture, where it has a comparative advantage, so as to position the country for effective and proactive socioeconomic responses critical for economic growth and development. The question is: How? While an attempt is made to establish the attractiveness of the Nigerian agric-sector/industry, it must also be said that many assumptions about the transformation potential of an agricultural revolution in Nigeria remains bound in theoretical and exoteric colloquialism. And that is why in praxis, policy and project implementation in this direction remains quixotic. From a strategic management perspective, this case note presents a robust mix of data and information, which will be useful in exploring how to cannibalize the basis of the previous success of the Nigerian agric-sector/industry for two decades after political independence, subsequent to the “oil curse” taking centre stage, which of course led to the neglect of the sector. The outcome is expected to improve the collective understanding of the competitive and comparative advantage embedded in the sector, especially owing to the sector’s position as the dominant sector ahead of other critical sectors in contributing to the country’s Gross Domestic Product (GDP) since 1960.

Keywords: Agribusiness; Transformation; Gross Domestic Product; Economic Growth; Economic Development

JEL Classification: Q10, Q13, O13, O38

Suggested Citation

Ikenwa, Kenneth, Agriculture’ Apotheosis in Nigeria: A Pathway to Economic Recovery (November 30, 2016). UNIOSUN International Journal of Business Administration, 2(1), 106-125, 2018. Available at SSRN: https://ssrn.com/abstract=3422158

Kenneth Ikenwa (Contact Author)

Univesity of Lagos ( email )

Akoka
Yaba
Lagos, 1234
Nigeria
+2348054654148 (Phone)

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