AGRIBUSINESS: THE NEGLECTED WAY OUT IN A FAILING ECONOMY.


Agribusiness simply implies a business that involves agricultural production.  It includes agrichemicals, breeding, crop production (subsistent farming and commercial farming), distribution, farm machinery, processing, and seed supply, as well as marketing and retail sales.  Every branch of agricultural production from start to finish all contributes to a functional agribusiness system.  It also covers the supply of agricultural inputs, the production and transformation of agricultural products and their distribution to final consumers

Agribusiness is characterized by raw materials that are mostly perishable, variable in quality and not regularly available. The sector is subject to stringent regulatory controls on consumer safety, product quality and environmental protection. Traditional production and distribution methods are being replaced by more closely coordinated and better planned linkages between agribusiness firms, farmers, retailers and others in the supply chains.

Many tropical countries have good soil and climatic condition suitable for the cultivation of various food and cash crops in high quantity but since the oil boom in Nigeria, the agric sector has been left lagging. The agriculture sector which could be a main source of revenue generation for the nation has been neglected in the past years.

The current economic recession and global devaluation of crude oil is evidence that the dependence on crude oil would no longer cut it for nations like Nigeria. There are so many agribusiness options to consider if one is thinking of ways to invest into agribusiness profitably. Agribusiness management involves the application of business skills such as marketing, economics, finances, management etc into the agricultural industry. This makes it obvious that agribusiness goes beyond farming and harvesting but also, all parameters applicable are to be considered to ensure that agriculture is done efficiently and profitably.

This is a wakeup call for everyone looking for an opportunity to earn a living or ways of improving your productivity and income, that the agricultural sector is a fruitful sector to consider. Agribusiness has been one of the main generators of employment and income worldwide.