Foreign Economic Polices and its Impact on the Nigerian Economy
Introduction
Nigerian economy during the first decade after independence could reasonably be described as an agricultural economy because in the words Ogen (2003), agriculture-served as the engine of growth of the overall economy. During this period Nigeria was the
world’s second largest producer of cocoa, largest exporter of palm kernel and largest producer and exporter of palm oil. According to Alkali (1997), Nigeria was also a leading exporter of other major commodities such as cotton, groundnut, rubber and hides andskins. Lawal (1997) observed that agricultural sector contributed over 60% of the GDP in the 1960s and despite the reliance of Nigerian peasant farmers on traditional tools and indigenous farming methods, these farmers produced 70% of Nigeria’s exports and 95% of its food needs. However, the agricultural sector was relegated to the background when Nigeria became an oil exporting country. This relegation was attributed to inappropriate exchange rate policy which made the prices of agricultural output too low to give farmer.
Copyright © 2023 Author(s) retain the copyright of this article.
This article is published under the terms of the Creative Commons Attribution License 4.0
If you like this article, see others like it:
- The Doctrine of Separation of Powers and Checks and Balances in the Nigerian Executive-Legislative Relationship
- Complexity of Independent National Electoral Commision’s Operational Space as Challenge to Credible Elections in Nigeria
- The Security Implication of Election Rigging in 3rd World Countries
- Weapons Technology and Internal Security Provisioning in Nigeria
- Change in Political Administration and its Impact on the Economy