Transforming Agriculture as a Panacea for Sustainable Economic Development in Nigeria: Navigating Rapid Socioeconomic Shifts

Abstract

This study examines the role of Nigeria’s agricultural policies in fostering sustainable economic development. The late 1960s oil boom in Nigeria caused an economic focus to shift away from agriculture, leading to lower investment and decreased production in the sector. Given the global volatility in oil revenue, diversifying the economy through effective agricultural policies has become imperative. This study critically evaluates the implementation of agricultural policies in Nigeria, their impact on economic growth, and the obstacles the industry must overcome, such as poor infrastructure, credit availability issues, climate change, and inconsistent policies. In response to these obstacles, the Nigerian government implemented agricultural policies and initiatives to reinvigorate the industry. The study evaluates these policies and programmes’ efficacy and their effects on economic growth and agricultural productivity. Using the Staple Theory of Growth and Institutional Theory as theoretical frameworks that integrate development economics and institutional perspectives and incorporate a comparative African perspective, the findings suggest that while agriculture remains a viable pathway to economic diversification and employment generation, policy inconsistencies, infrastructural deficits, and weak institutional frameworks hinder its full potential. Nevertheless, coordinated efforts between the government, private sector, and development partners are required to overcome current obstacles and realise the full potential for sustainable agricultural development and a resilient Nigeria.