The World Bank has accused the Boko Haram insurgency and herdsmen attacks in some regions of the country of hindering the growth of Nigerias Agricultural Sector.
The Federal Government’s growth plan agenda and economic recovery focus on agriculture as a worthy sector to develop economic diversification and promote import substitution.
The Central Bank of Nigeria has aided agriculture development through granting funds and risk-sharing opportunities such as the Commercial Agricultural Credit Scheme, the Anchor Borrowers Programme and the Nigerian Incentive-Based Risk Sharing in Agricultural Lending Programme.
The World Bank disclosed that despite development recorded on Agricultural Sector in Nigeria in recent times, Boko Haram Insurgency and Herdsmen Attacks has restrained the growth of the agricultural sector.
The World Bank noted that in spite of the wide size of Nigeria’s agricultural sector, its production is small. The World Bank further noticed that Nigeria is the largest employer of workers on Agriculture and account for 40 percent of its workers, but contributes just 25 percent to Gross Domestic Product (GDP).
However, The World Bank further observed that lack of security in the Northern Part of Nigeria has led largely to the Boko Haram Uprising and Herdsmen Hits which have increased poverty in the country.