Transforming Nigerian agriculture in the context of a green economy: financing challenges, opportunities and mechanisms

Concern is growing about green economy in the country on account of the bourgeoning population with rising poverty and increasing risk of food insecurity and environmental degradation and in consonance with the renewed emphasis being given to the phenomenon all over the world. Although the agricultural sector has demonstrated improved performance since the inception of ATA in 2011, financing bottlenecks remain; and the major concern is the lack of emphasis on green finance. This paper advocates for financing mechanisms to support a transformation agenda that moves agriculture away from activities that are nature degrading and environment polluting to those that are nature preserving and environment friendly. It argues that an agricultural financing framework to engender a green economy in Nigeria must be pursued within the context of sustainable development and poverty alleviation in which the integration between economic, social and environmental pillars of development are recognized and reinforced. Specifically, the paper examines the gaps between agricultural transformation and green finance in Nigeria, identifies the constraints and opportunities for green agriculture financing and articulates appropriate financing mechanisms. These include value chain financing to support integrated farming systems, support for organic agriculture by NIRSAL, financing of product and agricultural system certification, financing the monitoring of natural resource exploitation and restoration, financing the development of climate change buffers, inter-agency collaboration in financing desert encroachment and restoration of degraded land and mainstreaming green finance in the implementation of the staple crop processing zone component of ATA. In conclusion, the paper calls for the crafting of a “green-print” for a green agricultural economy – a well-informed policy layout for greening agricultural growth in Nigeria with an implementation plan to serve as the solid investment foundation required for the industrialization of the Nigerian economy.


Issue Date:
2015-2015-2015
Publication Type:
Journal Article
ISSN:
0794-4748
Language:
English
Published in:
Nigerian Journal of Agricultural Economics, Volume 05, Number 1
Page range:
1-11




 Record created 2018-02-05, last modified 2018-02-06

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