Investment in Agro-Allied Industry: A Quantum Leap into Diversification of Nigerian Economy

• Post by: airjournals
• May 6, 2021
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ABSTRACT

Excitedly, economic diversification has been the subject matter of numerous plans and initiatives of the Federal Government of Nigeria (FGN) since the fall in crude oil prices. Promoting agro-allied industrialization is an effective strategy to realizing the Agenda 2030 and Agenda 2063. In this regard, financing agro-allied industrialization, creating conducive business environment, building value chains, using technology and innovation, and promoting more equitable capabilities and opportunities for greater growth are vital to achieving productive employment and reduction in poverty and inequalities. The reason why agro-allied industry is not thriving in Nigeria is because of the caliber of people in government. Some of the constraints hindering the operations of agro-allied industries were discussed. Why investing in agro-allied industries is a quantum leap into diversification of Nigerian economy was discussed by reviewing existing literature. The objective of the study was to ascertain how the weak linkages between agriculture and agro-allied industries can be strengthened for economic diversification and to achieve this objective, the study reviewed existing literature. The study concludes that investing in agro-allied industries will not only add value to our agric-products but it is also a sector in which the economy should be diversified. The study also recommends that in order to diversify the base of the Nigerian economy and widen the market for agricultural commodities to absorb the expected increase in production, there is need to invest and promote the export of these agricultural and agro-industrial products.

Keywords: Agro-Allied Industry; Diversification; Nigerian Economy; Agric-Products

AUTHORSHIP
Anene, Johnson I., PhD¹; Virginia Anulika Obi, PhD²; and Josephine Ivoma Orga, PhD³

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