NIGERIA’S ECONOMIC DIVERSIFICATION: A REVIEW OF POLICY THRUSTS AND STRATEGIES UNDER THE AGRICULTURAL PROMOTION POLICY AND ECONOMIC RECOVERY AND GROWTH PLAN

Abstract

Nigeria’s current economic challenges have been largely attributed to its structural deficiency given the dependence on mono-commodity for economic activities, fiscal revenues and foreign exchange. Requisite economic indicators have also skewed towards the debit side of performance, thus prompting the call for diversification of the nation’s economy through the agriculture sector. This article therefore discussed the challenges hindering economic diversification in the agriculture sector and reviewed policy thrusts and strategies under Nigeria’s Agriculture Promotion Policy (APP) 2016-2020) and the Economic Growth Plan (ERGP)(2017-2020). The approach was entirely qualitative, premised on content review analysis, with data sourced from the APP matrix, ERGP and the National Bureau of Statistics. The review noted that numerous economic and non-economic, including actions of policy actors currently negate the achievement of economic diversification; however provisions in the policy document and strategic plan are robust enough to prompt economic diversification through the agriculture sector. The article calls for holistic implementation of the existing policy instruments backed with fiscal requirements, institutional reforms and political will.