ABSTRACT
Every country has had both prosperous and difficult periods in its history. However, it seems that Nigeria has been going through difficult times for a lot longer than pleasant ones. After examining the economic history of the nation, it becomes simple to understand why Nigeria's prosperity in the 1970s was short-lived. Many claim that because the British wanted a source for raw material and a market for goods made in Britain, their colonial economic policies underdeveloped the country by encouraging the importation of finished goods and failed to provide a strong basis for economic development in Nigeria. All things considered, nonetheless, the economy of the country was not as out of control when the Nigerian government assumed power at independence. At independence, the economy of Nigeria required a purposeful and intentional shift from an externally dependent colonial economic framework to a domestically focused economy as soon as it gained independence. But however, our leaders' extravagant lifestyle, which was made possible by the unmatched wealth from the export of petroleum products, led to a loss of interest in agriculture though several agricultural policies were formulated by succeeding administrations. A substantial amount of the rural labour force, made up primarily of able-bodied men and women who worked primarily in agriculture, moved to the cities as a result of the concentration of heavy infrastructures and foreign industries in the cities, which offered higher wages and required more labour for their operations. This further widened the gap between the quality of life in the city and the rural communities, which had also been abandoned in terms of infrastructure development. The agricultural sector has been a major contributor to the Nigerian economy, particularly in terms of employment generation and national output, until recently, when oil became a major source of national revenue. This is important to note given that the country's economy has historically been primarily based on agriculture. Despite Nigeria's immense agricultural potential, the country has lost its place in the world community as a significant player in agriculture. Despite Nigeria's immense agricultural potential, the country has lost its place in the world community as a significant player in agriculture. The country's economy has suffered greatly as a result of the neglect of the agriculture sector and virtually complete reliance on oil exports. Retrospectively, as of 1929, the sector contributed above average to total GDP, with oil palm accounting for roughly 85% of this proportion. Agriculture contributed to Nigeria's external profits through export production and sales, both during and after colonialism. However, the situation changed as of the late 1950s, when oil was discovered and continues to be dug to replace the position agriculture had occupied for a long time. Today, Malaysia and Indonesia have taken the lead using oil palm seedlings acquired from Nigeria. Malaysia currently makes $18 billion from the export of just palm oil. Despite its decline, the agriculture sector generated more than 20% of Nigeria's GDP from 1960 to 2020 and continues to do so. The age-old argument for agriculture in economic growth for economic development is not deceptive. This study's contributions are however not one sided in terms of positiveness or opposition. Based on the study's historical research, the findings show that Nigeria's agricultural sector is important for the nation’s economic development.
