AGRICULTURAL development is one of the five major strategic combination methodologies needed to create quantum leap growth and sustainable development in the Nigerian economy. Other methodologies are the application of ‘The Big Push’, Schumpetarian growth model, Endogenous growth model and Interventionist policies.
Briefly, ‘The Big Push’ ‘’suggests that countries need to jump from one stage of development to another through a virtuous cycle in which large investments in infrastructure and education coupled with private investments would move the economy to a more productive stage.” The Nigerian economy, by now, needed to have jumped from the factor-driven stage where it has been for 58 years to the efficiency-driven stage which is next in the concentric rings of economic development, but not so.
Gbolahan Folarin, Chief Agronomist at PS Nutrac measures the growth of a young yam plant on June 5, 2018, in Wasinmi, near Abeokuta.
PS Nutrac Int. Ltd is an agriculture venture in Nigeria that aims to lead the agriculture industry into the future through utilising new aeroponics technologies and growing methods to address efficiency in food production, security, research and development. / AFP PHOTO
The Schumpetarian growth model hinges on creative destruction, which is about innovation and technology. Innovation is crucial for economic development; economies which fail to innovate are noted to fall off the path of growth. Endogenous growth model argues that economic growth is generated from within a system as a direct result of internal processes and not external forces. There is a need to look inwards to maximize our potentials including our huge population.
Interventionist policies are needed at one point or the other to promote industrialisation and protect local industries until they had reached a level of development when they are able to compete in the global market. Major developed countries, including the USA, used interventionist economic policies at one point. In the 1970s, the USA used Import Substitution Industrialisation, ISI, as a means to promote national and regional development in the ‘’Buy American Campaign.” It is therefore commendable that the Central Bank of Nigeria, CBN, evolved an interventionist policy by the exclusion of 41 items from the Interbank foreign exchange market to encourage local manufacturing and conserve foreign reserve.