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SS1: ECONOMICS - 2ND TERM

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  1. Firms & Industry | Week 1
    4 Topics
  2. Firms & Industry (Business Organisation) | Week 2
    5 Topics
    |
    1 Quiz
  3. Population Theory I | Week 3
    3 Topics
  4. Population Theory II | Week 4
    3 Topics
  5. Population | Week 5
    3 Topics
  6. Population Distribution | Week 6
    4 Topics
  7. Population Census | Week 7
    3 Topics
    |
    1 Quiz
  8. Labour Market | Week 8
    3 Topics
    |
    1 Quiz
  9. The Nature of the Nigerian Economy | Week 9
    4 Topics
    |
    1 Quiz
  10. Agriculture | Week 10
    4 Topics
    |
    1 Quiz



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Lesson 10, Topic 3
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Importance of Agriculture

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1. Provision of Food: Agriculture provides food such as maize, rice, yam, meat, milk, egg etc. for human consumption either in fresh or processed form.

2. Sources of Raw Materials: The majority of the raw materials used by industries in west Africa are gotten from agriculture.

3. Source of Income: The sale of agricultural products after reserving the ones for consumption fetches a lot of money to individuals and governments in West Africa.

4. Source of Foreign Exchange: Through the export of agricultural products like cocoa, kola, groundnut, palm produce, cotton, etc. a nation is able to earn foreign exchange.

5. Generation of Income: The sale of crops and their products, animals and their products, provide income to farmers.

6. Creation of a Market for Industrial Products: Industrial products like hoes, fertilizers, insecticides, pesticides, cutlasses, etc. are bought and used by farmers.

7. It Provides Money for Industries: The bulk of the money used in establishing and financing industries in West Africa comes from agriculture which is a mainstay of the economics of countries in West Africa.

8. Provision of Employment.

9. A source of government revenue: Agriculture is a source of government revenue through the export duties on agricultural products.

10. Contribute to increase in GDP (Gross Domestic Product) – Between October and December 2020, agriculture contributed 26.95 percent of the total GDP, an increase of almost one percentage point compared to the same period of 2019. Agriculture is a key activity for Nigeria’s economy after oil.

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