An Evaluation of Agricultural Financing, Policies and Initiatives for Sustainable Development in Nigeria, In the 21st Century: 1990-2014

This study is aimed at evaluating agricultural financing, policies, programmes and initiatives for a sustainable development in Nigeria, from 1990-2014, covering a period of 25 years. The dwindling oil prices in the international market necessitate the needs for diversification of the economy, into agriculture for a sustained development in Nigeria. Data for the study were the secondary ones, sourced from the Central Bank of Nigeria (CBN) Statistical Bulletins, Annual Report and Statements of Accounts, Bullion, The Economic and Statistical Review of National Planning Commission, conferences Journals and Publications, World Bank and United Nations publications and text books, using the descriptive and inferential techniques. The findings of the study show that Nigerian Government failed to show enough commitments to agricultural activities for its development towards realization of agricultural sustainable development. This is evident in lack of meeting the minimum 10% and 25% budgetary allocation to agriculture as stipulated by Maputo declaration and the Food and Agricultural Organization. It was also found out that commercial bank credits to total credit were too low. There were too many agricultural policies and initiatives that were not matching to actions. Giving the importance of agriculture to any economy, ( provision of food, foreign Earnings, creation of jobs etc) the study recommends the following among others; complying with the minimum 10% and 25% minimum agricultural budgetary allocation to agriculture, Government should match words with actions as regards agricultural policies and initiatives, improve investment in agricultural equipment and other inputs to guarantee the achievement of agricultural sustainable development in Nigeria