Recession: Agriculture, Solid Minerals for Economic Recovery in Nigeria – By Olaniyi Abdulwaheed

Nigeria, the country endowed with human and natural resources, has been soaked in economic quagmire. The country is rich but her people are poor. Why? The colossal dependency on oil which has earned Nigeria different sobriquets   in the world is the doctor that healed and killed the growth of the economy. Oil was discovered when the country was young. The boom of the 1970’s made government at all levels dance to the sonorous tune of economy, until things fell apart. While other sectors of the economy seem to be stranded, oil is being exported and economic recession stirs today. What is the way out? There are ample opportunities in agriculture as well as solid minerals to boast non-oil exports and revamp the economy.

Diversifying the economy into agriculture is a messianic route to the economic survival of the country. Agriculture is the only natural tool for human existence. Its products constitute about 70% of human needs, more than oil, the glitzy product every country looks after. Agriculture is not limited to only food supply: it encompasses what humans use for daily life, ranging from clothing, food, furniture et cetera. Unlike agriculture, the only credit that can be given to oil is in the area of power. Power that is being attached with oil can be generated through other means. Means that have links with nature just like agriculture. Power can be generated through sun, water, air et cetera. Why depend on an auxiliary way of economic revival?

Agricultural products should be produced in large quantity and exported to boost the economy of the country. It is high time we looked inwardly into primal days when agriculture was the only source of revenue for governments at both regional and federal levels. We should invest in agriculture now! The country is being blessed with good land and weather to produce cocoa, groundnut, cotton, kola, palm oil, cassava, cattle among others. Private individuals and government must work hands-in-hands to produce large quantity of cocoa, groundnut, cotton, kola, palm oil, cassava, process and package them to meet international market(s). Cattle rearing will also revamp the economy if huge fund is put in it, making it possible for packaging of local dry meat. These aspects of agriculture will also call for manufacturing industries to produce quality cloth, leather, groundnut oil, well refined palm oil, flour and so on. The advantage of this is that more people, educated and non-educated, will be employed in the course of farm production, processing and exporting. The exportation will boost foreign exchange and give Naira more strengths than ever before so economy will take new leaves.

There are ample opportunities for Nigeria to thrive economically again and the template can be derived from history. The data show that Cocoa was important to the economy of Nigeria and that it was the leading agricultural export of the country and Nigeria was the world’s largest producer of cocoa, after Ivor Coast, Indonesia and Ghana and the largest exporter, after Ivory Coast and Ghana. The crop was major foreign exchange earner for Nigeria in the 1950s and 1960s. Then, groundnut pyramids were built in northern Nigeria in cities such as Kano, where groundnut production was a key part of the economy. They were viewed as both a tourist attraction and a symbol of wealth. Palm oil production also thrived in the south east. These are the testimonies to rekindle the goal of swift economic revival. There is the need to engage in agriculture to revamp the economy of the country.

There are also tremendous opportunities in solid minerals in Nigeria. Almost every state in the country is blessed with solid minerals ranging from gold, iron ore, bitumen, lead/zinc, coal, limestone, rock salt, Baryte and Bentonite, and gemstone among others. Some gemstones including Sapphire, Ruby, Aquamarine, Emerald, Tourmaline, Topaz, Garnet, Amethyst, Zircon and Flourspar which are among the world’s best are discoverable in Plateau, Kaduna and Bauchi States. Besides, the Nigerian Investment Promotion Commission revealed that the Nigerian baryte had specific gravity of about 4.3. There is an estimated reserve of over two million {2,000,000} metric tonnes of barite ore scattered in different parts of the country; especially in Benue, Nassarrawa, Plateau and Cross River States. Similarly, over 7.5 million tonnes of baryte have been identified in Taraba and Bauchi States. Large bentonite reserves of 700 million tonnes are available in many States of the Federation and are available for massive development and exploitation. This is another area of profitable business in which goods can be exported to overhaul the economy.

Despite the benefits waiting for the interested ones in non-oil exports, there are some challenges that government must address. To ease transportation, government needs to construct and rehabilitate roads, modernise railway lines, subsidise export duties and ensure that there is easy access to loan. Also, there should be regular power supply. These will reduce cost of production and lure many investors to invest in solid minerals and agriculture.

To end economic recession in Nigeria, there is the need for both government and private individuals to invest in agriculture and solid minerals. There should be provisions for production in large quantity for exportation in order to boast foreign exchange. This will augment the revenue that is being generated through oil. Non-oil exports are a harbinger of hope for Nigeria if necessary steps are taken in time.