ADSU International Journal of Applied Economics, Finance and Management

Enhancing Rural Livelihoods In Nigeria: A Review Of Opportunities For Economic Growth  And Building Resilience

Abstract

Nigeria’s rural economy, despite facing significant challenges, holds immense potential for growth. 70% according to National Bureau of Statistics, (2022) of Nigerians reside in rural areas, where poverty and limited economic opportunities prevail. These communities grapple with inadequate infrastructure, limited market access for agricultural produce, and the escalating threat of climate change. However, this disparity presents a strategic opportunity. By investing in rural development, Nigeria can unlock the economic potential of its vast rural population and propel itself towards a more prosperous and resilient future. This seminar paper explores key avenues for enhancing rural livelihoods in Nigeria. It examines the transformative potential of agricultural innovations such as precision agriculture and mechanization, which can significantly increase crop yields and empower smallholder farmers. The paper highlights the critical role of infrastructure development in rural areas, focusing on efficient rural roads, storage facilities to minimize post-harvest losses, and irrigation systems to combat erratic rainfall patterns. Additionally, the paper explores strategies to improve market access for farmers through cooperatives and value chain integration. Climate-smart agriculture practices and sustainable land management are presented as crucial for building resilience in the face of climate change. Financial inclusion through microfinance institutions and mobile banking is explored as a driver of rural entrepreneurship. Finally, the paper emphasizes the importance of supportive policy frameworks and collaboration with international organizations for successful rural development initiatives.