Journal of Emerging Trends in Economics and Management Sciences: Home

Article Title:
Economic Prospects, Growth and Opportunity by Diversifying Into Agricultural Sector in Nigeria
by Ikeanyionwu, Chioma Lovettemary, Ph.D, Enwere Judith Ogechi, and Obiekwe Ngozi Josephine

Abstract:
The African Growth and Opportunity Act, or AGOA also known as Title I, Trade and Development Act of 2000; P.L. 106?200 is a piece of legislation that was approved by the United States Congress in May 2000. The purpose of this legislation is to assist the economies of sub-Saharan Africa and to improve economic relations between the United States and the region. After completing its initial 15-year period of validity, the AGOA legislation was extended on 29 June 2015 by a further 10 years, to 2025.AGOA provides trade preferences for quota and duty-free entry into the United States for certain goods, expanding the benefits under the Generalized System of Preferences (GSP) program. Notably, AGOA expanded market access for textile and apparel goods into the United States for eligible countries, though many other goods are also included. Checks show that AGOA allows African countries to export 6,421 products to the United States free of duty till 2025. It is the kind of business that can help many African nations, including Nigeria, diversify revenue, reduce import dependency, create jobs and develop rural areas. This work intends to examine how Nigeria can drive economic diversification and productivity in the agricultural sector by taking full advantages of AGOA. For Nigeria to take full advantages of AGOA, such programmes like agricultural industrialization and implementation of innovative financing models that cater to the needs of both low-income farmers and high-income processors must be embarked on. Nigeria needs to start looking critically at the whole agriculture values that will stimulate the growth of Small and Medium Enterprises (SME?s) that will derive economic development.

Keywords: Trade, Legislation, Economic Diversification and Agriculture

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