THE PHRASE "BROKEN FOREX SYSTEM AFFECTING AGRICULTURE AND OTHER SECTORS"

All areas of the Nigerian economy are being negatively impacted by the broken forex system, but the agriculture sector hit hard because nearly all inputs and technologies are imported.

According to Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, the government's inadequate irrigation system is another hindrance to agriculture in the nation.

He said these while presenting a lecture at the 38th Annual Omolayole Management Lecture with the theme: “Sustainable Development of The Agricultural Sector for National Well-Being,” noted that only 200 thousand hectares, or about 2.7 percent, of the estimated three million hectares of land in Nigeria that should be under irrigation.

You can understand where the setback for agriculture is coming from, he bemoaned. Farmers must wait till the rainy season to commence farming because all the lands that are meant to be irrigated are not. Farmers find it difficult to provide irrigation; infrastructure and irrigation systems can only be provided by the government because they are expensive.

Yusuf continued, Favorable policy environments are needed to address macroeconomic environments, exchange rates, and inflation rates, which are having very serious and adverse effects on agriculture just as it is affecting other sectors because the country imports a lot in terms of input.

A lot is occurring in the agricultural sector, but these technologies are imported, so if our fully broken FX system continues, it will upset a lot.

Since it is impossible to entirely stand alone and import whatever you need, the foreign currency system is severely affecting all areas of the economy.

For the sake of agriculture, manufacturing, and all other crucial economic sectors, we must address policy concerns relating to the macroeconomic environment.

In his opening remarks, the event's chairman and president of the Nigeria Employers Consultative Forum Association (NECA), Mr. Taiwo Adeniyi, said that despite the recent upsurge in banditry in the north and other areas, which has made it difficult for farmers to go to their farms and harvest their crops, agriculture continues to be an important sector in the development of a country.

The significance of agriculture to the allied field as a people has been highlighted more, according to Adeniyi. The need for a sustainable agricultural strategy has become more urgent for the entire world as a result of the Russian war in Ukraine, which has further disrupted the supply chain of vital agricultural products, particularly wheat.

There is still work to be done to ensure food security, even if the government, through the Central Bank of Nigeria, CBN, has made some progress in the development of agriculture through the anchor borrower scheme and a backward integration program.

The theme is timely, according to Mrs. Olubunmi Abejirin, President of the International Association of Students in Economics and Commercial Sciences, AIESEC Alumni Nigeria, AAN, as agriculture remains a fundamental and important sector in a country's development. The need to start discussions about how to feed Nigeria's 200 million people and our readiness for the impending food crisis.

Abejirin “More than ever, policymakers' choices will have a lasting impact on the future of the global food systems and have a significant impact on national food security programs,” according to stakeholders across the entire food value chain.