The Impact of COVID-19 on Agribusiness in Nigeria

Abstract

Agribusiness has continued to be major sources of livelihood to millions of Nigerians as it contributes significantly to job creation and poverty reduction in the country. Unfortunately, the agricultural sector in Nigeria has been bedeviled by several factors including ignorance, illiteracy, faulty policy initiatives, low income, among several others. The outbreak of COVID-19 pandemic in Nigeria has tremendously impacted every sector of the economy including agricultural sector. Hence, this study investigates the impact of the COVID-19 pandemic on agribusiness in Nigeria. The paper identified a combination of food insecurity, rising food prices, inaccessibility to farms, inability to procure farm implements due to intra and interstate restriction on movement, low market supply, as well as decrease in export earnings as a result of inability of countries to import goods from Nigeria, as major impacts of the pandemic on agribusiness. The paper recommended adequate measures such as: increased budgetary allocation to agribusiness, affordable loan facilities to agribusiness practitioners, provision of infrastructure, and sound government policies to encourage agribusiness in Nigeria.