Agricultural sector exports increased at a remarkable pace in 2017. Total earnings from agricultural export goods grew by 181 percent to N170.4 billion1, compared to the N60.7 billion earned in 2016. The remarkable improvements in exports and export earnings reflect improvements in agricultural production and supply, at the backdrop of the provision of farm mechanization services2 and a likely boost in harvest periods during the year under review
The World Economic Outlook report, recently released by the World Bank, reduced its growth projection for Nigeria to 2.1 percent in 20181, from 2.5 percent2. The new growth projection is considerably lower than the 3.5 percent 2018 growth rate projected by the federal government of Nigeria. However, at 2.1 percent, the growth is a significant improvement from actual 2017 growth rate of 0.83 percent; and this outlook has been hinged on improving oil prices, revenue and production, and foreign exchange measures that contribute to better foreign exchange availability.