{"id":19757,"date":"2024-01-16T10:03:15","date_gmt":"2024-01-16T10:03:15","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19757"},"modified":"2024-01-16T10:03:24","modified_gmt":"2024-01-16T10:03:24","slug":"world-bank-cites-agriculture-will-propel-nigerias-economy-by-3","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/","title":{"rendered":"World Bank cites agriculture will propel Nigeria\u2019s economy by 3%"},"content":{"rendered":"\n<p>Nigeria\u2019s economy will experience a 3% growth rate thanks to\u00a0<a href=\"https:\/\/www.selinawamucii.com\/insights\/nigeria\/\"><u>agriculture,<\/u><\/a>\u00a0reports World Bank. The country will also recover\u00a0its pre-Covid19 economic performance in 2025 by improving on the cited rate of growth.<\/p>\n\n\n\n<p>The 3% growth margin applies to the 2023-2024 financial year and will emanate from agriculture, construction and trade. By mid-2025, however, these two sectors will have revved the economy by<a href=\"https:\/\/tribuneonlineng.com\/world-bank-projects-agriculture-others-to-rev-up-nigerias-economy-by-3-3\/\"><u>&nbsp;3.7%.<\/u><\/a><\/p>\n\n\n\n<p>The 2024 performance marks a 0.3% improvement since June 2023 and will help transition to a further 0.6% growth in 2025.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-agriculture-represents-1-4-of-gdp\"><strong>Agriculture Represents 1\/4 of GDP<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>Driving this economic ascension is agriculture, which roughly contributes a quarter of the General Domestic Product (GDP). In quarter 3, 2023, the sector accounted for&nbsp;<a href=\"https:\/\/www.thisdaylive.com\/index.php\/2024\/01\/16\/priority-areas-to-drive-nigerias-agricultural-sector-in-2024\"><u>26.53%<\/u><\/a>&nbsp;of the GDP, a growth of 11.06% from 2022\u2019s third quarter.&nbsp;<\/p>\n\n\n\n<p>Analysts however tout that agriculture has the steam to make it 50% of the GDP with the right policies.&nbsp;<\/p>\n\n\n\n<p>The World Bank highlights the need for extra funding in the sector. Agriculture has been receiving an average of 2% of Nigeria\u2019s budget since 2016. Only 2018 and 2019 had more than 2% monetary allocation in six years, while 2023 had an allocation slightly above 1%.&nbsp;<\/p>\n\n\n\n<p>Additionally, Nigeria has 80 million hectares (ha.) of farming land but just 44% of these currently enjoy cultivation.&nbsp;<\/p>\n\n\n\n<p>One-time Minister of Agriculture and Rural Development, Mohammad Abubakar captured the potential of this empty acreage through its irrigation worth. Incidentally, around 3.14 million hectares are in areas with groundwater but merely&nbsp;7% are currently under irrigation.<\/p>\n\n\n\n<p>According to Abubakar, if the state upped irrigation, the country would find an economic miracle in agriculture.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-diversification-via-new-seeds\"><strong>Diversification Via New Seeds<\/strong><strong><\/strong><\/h3>\n\n\n\n<p>Another way Nigeria\u2019s agriculture could reach its full potential is by battling climate change with new seeds.&nbsp;<\/p>\n\n\n\n<p>One such project is a climate-resilient project by&nbsp;<a href=\"v\"><u>Germplasm Users\u2019 Group (GUG)<\/u><\/a>&nbsp;with operations going back 36 months. The initiative has been supplying local farmers in Oyo state with cowpeas and&nbsp;<a href=\"https:\/\/www.selinawamucii.com\/59-foods-that-start-with-s\/\"><u>sorghum&nbsp;<\/u><\/a>that suit their areas to boost yields.<\/p>\n\n\n\n<p>The umbrella project known as Seed for Resilience Project has so far benefited 1000 smallholder farmers in Nigeria. The seeds offer diversity in various ways, including early maturity to fight drought and high yields to boost food security.<\/p>\n\n\n\n<p>Thus, even as agriculture insures a 3% growth rate for Nigeria\u2019s economy in 2024, the sector espouses huge growth potential.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s economy will experience a 3% growth rate thanks to\u00a0agriculture,\u00a0reports World Bank. The country will also recover\u00a0its pre-Covid19 economic performance in 2025 by improving on the cited rate of growth. The 3% growth margin applies to the 2023-2024 financial year and will emanate from agriculture, construction and trade. By mid-2025, however, these two sectors will&#8230;<\/p>\n","protected":false},"author":3,"featured_media":19758,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.3 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>World Bank cites agriculture will propel Nigeria\u2019s economy by 3% - Selina Wamucii | Food &amp; Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank cites agriculture will propel Nigeria\u2019s economy by 3% - Selina Wamucii | Food &amp; Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Nigeria\u2019s economy will experience a 3% growth rate thanks to\u00a0agriculture,\u00a0reports World Bank. The country will also recover\u00a0its pre-Covid19 economic performance in 2025 by improving on the cited rate of growth. The 3% growth margin applies to the 2023-2024 financial year and will emanate from agriculture, construction and trade. By mid-2025, however, these two sectors will...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/\" \/>\n<meta property=\"og:site_name\" content=\"Selina Wamucii | Food &amp; Agriculture News\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-16T10:03:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-16T10:03:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.selinawamucii.com\/news\/wp-content\/uploads\/2024\/01\/Onions_plantation_in_the_northern_part_of_nigeria-e1705399389816.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"366\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timothy Wahome\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Timothy Wahome\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/\",\"url\":\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/\",\"name\":\"World Bank cites agriculture will propel Nigeria\u2019s economy by 3% - Selina Wamucii | Food &amp; Agriculture News\",\"isPartOf\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#website\"},\"datePublished\":\"2024-01-16T10:03:15+00:00\",\"dateModified\":\"2024-01-16T10:03:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/8c0aad9a1f85037798080d75b4302cf8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.selinawamucii.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"World Bank cites agriculture will propel Nigeria\u2019s economy by 3%\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#website\",\"url\":\"https:\/\/www.selinawamucii.com\/news\/\",\"name\":\"Selina Wamucii | Food & Agriculture News\",\"description\":\"Discover the Latest in Food and Agriculture.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.selinawamucii.com\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/8c0aad9a1f85037798080d75b4302cf8\",\"name\":\"Timothy Wahome\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/636da6c8288b7dcaef01a42b50c3bc41?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/636da6c8288b7dcaef01a42b50c3bc41?s=96&d=mm&r=g\",\"caption\":\"Timothy Wahome\"},\"url\":\"https:\/\/www.selinawamucii.com\/news\/author\/twt4wahomegmail-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"World Bank cites agriculture will propel Nigeria\u2019s economy by 3% - Selina Wamucii | Food &amp; Agriculture News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.selinawamucii.com\/news\/2024\/01\/16\/world-bank-cites-agriculture-will-propel-nigerias-economy-by-3\/","og_locale":"en_US","og_type":"article","og_title":"World Bank cites agriculture will propel Nigeria\u2019s economy by 3% - Selina Wamucii | Food &amp; Agriculture News","og_description":"Nigeria\u2019s economy will experience a 3% growth rate thanks to\u00a0agriculture,\u00a0reports World Bank. 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