Agriculture requires the cultivation of land, raising and rearing of animals, just for creation of food for man, feed for animals and raw materials for industries. It requires forestry, fishing, processing and marketing of these agricultural products. Essentially, it comprises crop production, livestock, forestry, and fishing.
As there is no conclusive data on the size of the Nigeria equity market according to news, estimates for the whole of Africa place it over $6 billion in 2000; South Africa, the continent’s largest economy, making up half the share. High economic growth fuelled by an enthusiastic reforms programme has seen Nigeria’s growth scale to almost double the figure for developed markets recently. The country’s GDP growth rate in 2006 stood at 5.6%, significantly beyond the usa (3.2%) or perhaps the UK (2.8%)1.
Agriculture is considered a catalyst for your overall progression of any nation; development economists have always assigned the agriculture sector a central devote the development process, early development theorists though emphasized industrialization, they counted on agriculture to provide the necessary output of food and raw materials, together with the labour force that could gradually be absorbed by industry and services sector. Much later thinking moved agriculture to the forefront in the development process; the hopes for technical alternation in agriculture and “green revolution” suggested agriculture as being the dynamo and magic wand for economic growth and development.
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The industrial revolution of the Nineteenth century which catapulted the agrarian economies on most countries of Europe got their stimuli from agriculture; the sector in recent history has worked an enormous miracle in countries like Mexico, India, Brazil, Peru, Philippines and China where Green Revolution was one of the great success stories. Indeed, the significance of agriculture in virtually any nation’s economy should not be over emphasized, for instance, in Usa, agriculture contributes about 1. 1% of the country’s Gross Domestic Product.
Faced with numerous challenges, Nigerian government is determined to bolster, diversify and make the economy attractive and investment-friendly to both local and foreign investors. Government entities has adopted total liberalization and globalization because the economic policy, instituted privatization and commercialization programmes of public enterprises, provided total security for business and folks, extended invitation to domestic and foreign investors, abolished laws inhibiting competition, embraced and fine-tuned policies to guarantee quick realization of growth and development of all the sectors of your economy. The effort is already paying off as Nigeria is already the target for foreign investment thereby increased exponentially Foreign Direct Investment (FDI). Scores of economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the growth in the economy at a fast rate.
This is why venture capitalism derives its significance in the context of Nigeria’s long-term ambitions. Private equity investment has become liable for among the most notable economic successes across the world. Entrepreneurs starting out with angel loans turned India around in to the largest software exporter on earth. In South Korea, booming small high-tech businesses bypassed larger firms to steer the country’s recovery from the Asian financial meltdown. Equity funded enterprises have likewise recorded high growth figures in developing countries from Asia, across Europe and then in Latin America. The worldwide knowledge of venture capitalism throws up numerous important considerations with regards to providing the right environment for rapid growth. The following are some of the most important challenges and considerations facing Nigerian policy makers in connection with this:
Nigeria’s reforms process as explained on nigerian news media prompted an original voluntary initiative with the turn in the last century when the Nigerian Bankers’ Committee launched the Small and Medium Enterprise Equity (SMEEIS) scheme. Billed as being an attempt to promote entrepreneurial expansion, the scheme required all locally operating commercial banks to earmark 10% of pre-tax profits for equity investment in small, and medium enterprises. Though greater than Naira 18 billion was put aside by 2003, utilisation of your funds remained abysmally poor at under 25%. The Nigerian Central Bank owed it to not enough viable projects and general reluctance toward equity partnership. If poor managerial and business packaging skills are aspects of concern, the prevailing mindset against venture capitalism in both existing and emerging enterprises is more so.
To quote former Central Bank governor Joseph Sanusi (29 May 1999-29 May 2004), accelerated economic development is not possible until Nigerian entrepreneurs figure out how to appreciate that “it is better to possess 10% of any successful and profitable business instead of own 100% of the moribund business”.
Stable development in agricultural exports depending on naija newspapers constituted the backbone of the favorable balance of trade. Sustainable levels of capital were produced by the agricultural sector throughout the imposition of various taxes and accumulation of advertising surpluses, that were used to finance many development projects such as the building and construction of Ahmadu Bello University (Zaria) and first Nigerian skyscraper-cocoa house in Ibadan. The sector, which employed 71% from the total labor force in 1960, employed only 56% in 1977, the quantity stood at 68% in 1980, falling to 55% in 1986, 1987 and 1988; and 57% annually from 1989 to 1992, and has continued to nosedive into 2000s as the result of the neglect from the sector.
As Nigeria accounts for 57 percent of the West Africa cellphones, the nation is acknowledged because the leading as well as the fastest growing telecom market in Africa. With cellular phone users at 44,932,181 and 734,444 for GSM and mobile CDMA respectively, her contributions to West Africa and Africa’s telecommunication growth can not be overemphasized. Even though the overall economic growth rate stands at 7% per annum, the mobile telephony is about 35-50%. Assuming that every one of these connections was busy to get a minute in one day, the land telecoms market has the capacity to generate over USD 16 million daily (USD16, 666,667) and near to USD 6 billion a year (USD 5,833,333,300). This is the reason telecom companies such as Visafone and Etisalat quickly joined the likes of MTN, Globacom, Celtel as well as other telecoms companies in exploiting opportunities in the nation.