Essay On Current N Economy

Essay On Current N Economy-78
It is interesting to note that Nigeria as a sub-Saharan African country is one of the few countries of the world that is abundantly endowed with an abundance of diverse natural resources.Despite this impressive fact, it is sad to note that a majority of its citizens are wallowing in pervasive poverty even after 50 years of independence.

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But over the years, especially following the rigorous oil exploration and exportation activities the Nigerian economy had drifted towards focusing on for its national revenue marshaled by the over-ambitious government and instigated by the oil boom, the performance of these sectors began to decline.

However, though other sectors such as the mining and textile industry were fairly active, the agriculture sector which was centered on had highly benefitted the economy (Adedipe, 2008).

The role of agriculture in transforming both the social and economic framework of an economy can't be overemphasized (Anyanwu et al, 1997).

This is apparently paradoxical, considering the fact that the country is naturally endowed with an abundance of varied resources that can substantially add to the nation's reserve.

According to Ogege & Mojekwu (2012), Nigeria is endowed with various kinds of resources needed to place her amongst the top emerging economies of the world.

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