Global Journal of Commerce & Management Perspective
Open Access

Abstract

Nigerian Economic Growth: Dependence of Agricultural Development on Oil Exploration

Ijeoma Adaku Akakuru, Okechukwu Egbeiyi, Chiemena Chinwendu Onyema and Ozioma Udochukwu Akakuru*

The implication of oil industries in Nigeria on the development of her agricultural sector was evaluated in this study. Oil exploration in Nigeria dates back to 1937 and has seen the rise of numerous oil industries in oil-producing states of the country. However, the oil boom has ushered various drawbacks to other key sectors of the Nigerian economy, such as the agricultural sector. This research therefore investigated at the operations of the oil as it affects the country’s agricultural sector and the economic development in general. Data were collected by questionnaire, interview, and observation in a 24-person sample size, while the study area is in the oil-producing states of Nigeria. The results revealed that oil industry employed less than 10% of the work force of the aggregate economy respectively where as 49% are self-employed as farmers, petty traders. Overall, food production declined in the country due to year of neglect on the agricultural sector, coupled with lack of policies and strategies to diversify the Nigerian economy. It is therefore expected that the findings of this study will provide more insight into the crucial need to revitalize the agricultural sector of Nigeria to ensure food security for her ever-increasing population.

Published Date: 2022-03-18; Received Date: 2022-02-18