Agric financing raises hope of economic recovery.

Agric financing raises hope of economic recovery. The agricultural sector has recorded impressive growth in recent years despite the decline in the Gross Domestic Product (GDP) thanks to funding from the Central Bank of Nigeria (CBN) through commercial banks, Head of Agriculture Department at the Union Bank of Nigeria Plc Olabode Abikoye has said. He said the sector recorded positive growth of above four per cent last year despite the decline in the oil and non-oil sectors, saying the sector thrived in terms of the GDP due to the government’s economic diversification which brought more funding to the sector at a time contributions from the oil sector have nosedived. “The Nigerian economy is import-dependent with very little non-oil exports. It relies substantially on crude oil and gas exports with other sectors trailing far behind. The economy is, therefore, susceptible to shocks in the oil and gas industry. In recent times, these shocks have been caused by either developments in the international crude oil market or unease in the Niger Delta region. Despite the challenges in the macro environment, businesses are increasing investments in mechanised farming and other activities in the agric value chain, such as processing, storage, packaging, delivery and logistics,” he said. Agriculture