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Agricultural Diversification as Antidote to Economic Recession in Nigeria: Product Option

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  • Ogundele, O. O.
  • Akujobi, Cajetan

Abstract

Nigerian economy is suffering from recession which may have resulted from the long overreliance on mono-product ( crude oil) exploitation. There is the general view that diversifying into non-oil sector will save Nigeria from the present economic downturn. Believing that diversification into agriculture will bring a solution to the present situation. This paper aimed at identifying the agricultural product(s) that has (have) more and short-run potential of delivering the country from the recession. The analysis is descriptive using secondary data from the Central bank of Nigeria and National Bureau of Statistics for the period 2010-20 ~ 6. Findings showed that fast and high yielding crops such as maize, sesame seeds, and soybean and fish production can go ·a long way in rescuing the situation. More investments into these commodities are therefore, recommended.

Suggested Citation

  • Ogundele, O. O. & Akujobi, Cajetan, 2017. "Agricultural Diversification as Antidote to Economic Recession in Nigeria: Product Option," 2017 Annual NAAE Conference, October 16-19, Abeokuta, Nigeria 288313, Nigerian Association of Agricultural Economists.
    • Handle: RePEc:ags:naae17:288313
    DOI: 10.22004/ag.econ.288313
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    Keywords

    Agricultural and Food Policy; Public Economics;

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