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Agriculture, chiefly crop production, contributes a quarter of Nigeria’s economy and depressed spending in rural areas will have a blanket effect on the entire economy, a report by SBM Intelligence has said.
Typically, the planting season in Nigeria begins late February and early March which coincides with the first rains in several parts of the country.
The SBM report came weeks after UNICEF projected that nearly 25 million Nigerians are at risk of facing hunger between June and August this year.
“The agriculture sector, which contributes significantly to the economy, suffered from depressed spending, affecting farmers’ ability to pay for labour and resulting in reduced production,” stated the SBM report, titled ‘Strapped: Impact of the Cash Scarcity on Individuals and Businesses’, released on 16 May.
Coping mechanisms
“The cash shortage also affected trade volumes, as many
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