SS1: ECONOMICS - 2ND TERM
Firms & Industry | Week 14 Topics
Firms & Industry (Business Organisation) | Week 25 Topics|1 Quiz
Population Theory I | Week 33 Topics
Population Theory II | Week 43 Topics
Population | Week 53 Topics
Population Distribution | Week 64 Topics
Population Census | Week 73 Topics|1 Quiz
Labour Market | Week 83 Topics|1 Quiz
The Nature of the Nigerian Economy | Week 94 Topics|1 Quiz
Agriculture | Week 104 Topics|1 Quiz
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Importance of Agriculture
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.