The economic dilemma of the country’s agriculture sector is x-rayed; accounting for the largest proportion (31%) of Nigeria’s labour force and contributing 89% of the country’s Gross Domestic Product (GDP), yet the sector only contributes 0.38% of federal government revenues with a trade deficit of N146 billion as of 2021.
The research brief also examines the various government interventions through the Central Bank of Nigeria (CBN) like the Anchor Borrower’s Programme and the Agricultural Credit Guarantee Scheme Fund (ACGSF). These appear not to have produced the desired outcome, noting that commercial bank loans and advances to the agriculture sector have remained low even though the sector accounts for about 26.84% of economic activities in Nigeria.
