For decades, agriculture has been associated with the production of essential food crops. At present, agriculture above and beyond farming includes forestry, dairy, fruit cultivation, poultry, beekeeping, arbitrary, etc. Today, processing, marketing, and distribution of crops and livestock products, etc. Are all acknowledged as part of current agriculture? Thus, agriculture could be referred to as the production, processing, promotion, and distribution of agricultural products. Agriculture plays a critical role in the entire life of a given economy. Agriculture is the backbone of the economic system of a given country. In addition to providing food and raw material, agriculture also provides employment opportunities to a very large percentage of the population.
In view of the fact that more and more attention has been paid to agriculture, it has both theoretical and practical Importance to study how Foreign Investment can be effectively and efficiently expanded, introduced and used to modernising Agriculture, industrialisation and internationalisation. Agricultural sectors in Nigeria. Before the 1960s, agriculture was the main activity in Nigeria. However, with the development of the petroleum exporting industry, it became necessary to import food.
There are some reliable Organizations that have experience with agricultural farm funding and farm equipment and can help agricultural owners by funding agricultural farmlands and equipment etc. at better rates. When it comes to agricultural chains, they are constantly evolving and modernising to meet the changing Demands of the constant technological Progress of agricultural machinery. AgroDomain falls into such categories of organizations that empowers farmers fund their farm and agribusiness
Agricultural Technology was developed by Scientists and Farmers and referred to as urban Agriculture. This is a big step in agricultural Invention. Scientists have developed a new technique called “Hydroponics,” in which plants are grown with mineral nutrient solutions instead of the soil normally used. Another new technique is called Vertical Farming, where Farmers grow crops in Skyscrapers. Some advanced farming Techniques need to be used to keep soil fertility at a certain acceptable Level and prevent deterioration. You also need to control the amount of fertilizers used in the process to eat safely and make healthy products. At the moment, the situation is far from perfect, but it is heading in the right direction.
Below are the factors why agriculture is important:
Source of Livelihood
Most people’s main source of livelihood is farming. About 70% of people rely directly on agriculture as a livelihood. The result of the non-development of non-agricultural activities to absorb the fast-growing population is this high percentage in agriculture. Furthermore, many people are not engaged in agriculture in developed countries.
Contribution to National revenue
Agriculture is the main source of national income for most developing countries. However, for developed countries, agriculture contributes a smaller percentage to their national income.
Supply of Food as well as Fodder
The agricultural sector provides fodder for domestic animals. The cow provides people with milk which is a form of protective food. Moreover, livestock also meets people’s food requirements.
Significance to the International Trade
Agricultural products like sugar, cocoa, rice, spices, tobacco, coffee, etc. constitute the major items of exports of countries that rely on agriculture. If there is a smooth development practice of agriculture, imports are reduced while export increases considerably.
The growth of the agricultural sector contributes to a marketable surplus. Many people engage in manufacturing, mining, as well as another non-agricultural sector as the nation develops. All these individuals rely on food production that they might meet from the nation’s marketable surplus. As agricultural sector development takes place, production increases and this leads to the expansion of marketable surplus. This may be exported to other nations.
Source of Raw Material
The main source of raw materials to major industries such as cotton and jute fabric, sugar, tobacco, edible as well as non-edible oils is agriculture. Moreover, many other industries such as the processing of fruits as well as vegetables and rice husking get their raw material mainly from agriculture.
Foreign Exchange Resources
The nation’s export trade depends largely on the agricultural sector. For example, agricultural commodities such as jute, tobacco, spices, oilseeds, raw cotton, tea as well as coffee accounts for approximately 18% of the entire value of exports of a country. This demonstrates that agricultural products also continue to be an important source of earning for a country’s foreign exchange.
Great Employment Opportunities
Construction of irrigation schemes, drainage system as well as other such activities in the agricultural sector is important as it provides larger employment opportunities. The agriculture sector provides more employment opportunities for the labor force. This, in turn, reduces the high rate of unemployment in developing countries caused by the fast-growing population.
Economic Development Since agriculture employs many people, it contributes to economic development. As a result, the national income level, as well as people’s standard of living, is improved. The fast rate of development in the agriculture sector offers progressive outlook as well as increased motivation for development. Hence, it aids to create a good atmosphere for the overall economic development of a country. Therefore, economic development relies on the agricultural growth rate.