Financing Agriculture as a Way of Diversification of Nigerian Economy: Challenges and Prospects

The study examines financing of agriculture as a way of diversification of the Nigeria economy.

The objective of the study is to identify the need for financing agriculture as a means of overcoming the mono-economic nature with the full dependency on oil, especially now that the oil price internationally is getting low in a recessed Nigerian economy. The study uses secondary data obtains from Central Bank of Nigeria (CBN), Ministry of Agriculture, Published Academic Journals, Textbooks and Conference Proceedings. The study appraises the financing of agriculture for diversification of the economy using review approach. The finding of the study reveals that though agriculture has been the main stay of the Nigerian economy before the discovery of oil, the agricultural sector has been neglected. The study recommends among others, for reconsideration of the sector as the oil is no longer sustainable due to sharp drop in prices. Cost of governance however, continue to increase.