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THE NIGERIAN AGRICULTURAL PROMOTION POLICY: PROGRESS MADE SO FAR.

INTRODUCTION

Critical to attaining sustainable food security in Nigeria is the development of agriculture in the economy. The full potential of the nation’s agriculture sector has not been realized largely due to gross neglect of the sector during and after the oil boom era, as well as weak policy formulation and implementation. Though blessed with a favorable farming climate, and having 83.7% of its land suitable for farming purposes, only about 40% of Nigeria’s agricultural land is cultivated (Oxford Business Group, 2016).

Election 2019: Candidates’ proposals to tackle unemployment

Election is around the corner, and various political candidates have voiced out their plans and objective of addressing the high rate of unemployment in the country if they eventually emerge the winner. The current administration intends to expand on its established platforms such as the N-Power and the Anchor Borrowers’ Programme, and to focus on the tech and creative industries so as to create millions of employment for its teeming population. However, these current programmes still need to be assessed to determine if they are sufficient to have the desired impact.

Policy on Public Building Maintenance

The Federal Executive Council (FEC) has recently approved a new policy towards maintaining public buildings in the country. This policy is seen as a step in the right direction in solving the rising rate of abandonment of projects or buildings by the Nigerian government.  For years, many properties belonging to the Federal Government have suffered from either outright abandonment or underutilization, thereby constituting danger to lives and property. Also, apart from the perceived dangers, most of these buildings are very suitable to be converted into other use other than the purposes for which they were originally conceived.

NBS foreign trade statistics (2018 Q2)

The Foreign Trade in Goods Statistics (Q2 2018) report released by the National Bureau of Statistics (NBS) indicates that the total value of foreign trade in Nigeria fell. The report puts total value of merchandise trade at N6,569.98 billion for the 2018 Q2, this is an 8.89% decrease from the value recorded in 2018 Q1.
NBS attributes the decline in total trade to major contractions in both imports and exports.

Nigerian Bureau of Statistics releases its GDP Report for Q2 2018

The Nigerian Bureau of Statistics(NBS) released its GDP Report for the second quater of 2018.
Based on the report, the following observations were made on the Nigerian GDP:

African Development Bank's Economic Outlook (2018)

In its 2018 African Economic Outlook, African Development Bank (AfDB) provided some interesting indicators on Nigeria in relation to other W/African countries.

Highlights contained in the publication as it relates to Nigeria includes:

How Backward Integration can impact the Nigerian economy.

The term 'backward integration' describes a situation in which a firm moves to produce certain segments of its supply chain. It involves the expansion of a firm towards producing specific inputs or raw materials that would eventually be used in the production of its core product. For instance, a sugar factory that expands its business and starts growing a sugar cane plantation has adopted backward integration. The Nigerian-American Chamber of Commerce (NACC), through its Vice-President, Ehi Braiman, has said that the implementation of the local content initiative in Nigeria would attract over $5b into the economy. He also added that it will create massive employment opportunities for youths as there's an abundance of natural and mineral resources in the country.
Braiman posits that, Nigeria has already achieved a significant level of backward integration in the cement sector as over 80% of its raw materials are sourced locally. He also said the policy is seen as a strategy to increase the participation of local firms in the value chain of various sectors. Although various moves have been made by the government in promoting local content initiative in Nigeria such as the forex ban on 41 items which promoted the production of tooth-picks using locally-sourced raw materials, the local content policy is currently adopted only in the oil sector. However, if sustainable economic development would be achieved in Nigeria the local content policy needs to be extended to other sectors of the economy by the Chamber

Will Nigeria be left behind?

In 2015, at the United Nations, all countries agreed on the set of ambitious economic, social and environmental targets to be achieved by 2030. This is guided by a central  motivation not to leave anyone behind.

Achieving the 2030 SDGs is very unlikely for Nigeria

Achieving the 2030 SDGs is very unlikely for Nigeria. Brookings Institution recently revealed that Nigeria is on course to housing 25% of the world’s population remaining in extreme poverty by 2030, amongst other indicators in which Nigeria ranks as one of the worst cases.  This report by Brookings Institution details the economies of the world that are liable to be left behind with respect to reaching the benchmark set in achieving the SDGs by 2030. 

 

10 quotes about corruption and transparency to inspire you

Transparency International posts 10 interesting quotes about corruption and transparency that will inspire. Here is a summary of the quotes in bullets:

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