THE OIL SECTOR VIS-À-VIS THE AGRICULTURAL SECTOR; THE NIGERIAN EXPERIENCE
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THE OIL SECTOR VIS-À-VIS THE AGRICULTURAL SECTOR; THE NIGERIAN EXPERIENCE
ABSTRACT
This study compares Nigeria’s oil and agricultural sectors from 1981 to 2007. Agriculture has played a vital role in Nigerian life since before colonialism. The colonialists’ attraction to Nigeria’s agricultural sector largely influenced the development of the railway system from the north to the coast through the country’s eastern and western regions
as there was a need to evacuate agricultural produce from the hinterland to the coasts for shipment to Europe as raw material to feed British industries. The agriculture industry used to form the foundation of the Nigerian economy.
It provided for the nation, earned money and foreign exchange earnings for the government, supplied raw materials to the industrial sector, created jobs, and contributed more than half of the Gross Domestic Product (GDP).
This continued until the 1970s, when the oil industry supplanted agriculture, resulting in a sharp drop in agricultural output. Nigeria became totally dependent on the oil sector for revenue, hence policies were often developed in favour of the oil sector.
As a result of the concentrate on the oil sector, the agricultural sector has been clearly neglected. This research aims to determine the relationship between the oil sector and the agricultural sector, the impact of the oil sector, and the effects of exchange rates on the agricultural sector, as well as to identify solutions and make recommendations that can lead to positive change.
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