ECONOMIC DIVERSIFICATION AND AGRO-FOOD TECHNOLOGICAL SOLUTIONS IN NIGERIA: LESSONS FROM MALAYSIA

Abstract

The paper x-rayed the various aspects of the agro-food economic diversification in Malaysia to draw lessons for Nigeria’s agricultural economic growth and development. A descriptive statistical method was employed in the presentation. With a total population of 31.6 million people, Malaysia has been able to harness the factor endowments for its people such that its GDP per capita (USD, PPP) grew from 18,577 in 2005 to 25,669 in 2016, whereas Nigeria’s GDP per capita (USD, PPP) grew from 4,149 in 2005 to 5,435 in 2016. Nigeria failed in its capacity utilization of the available factor endowments. In 2016, the percentage of prevalence of undernourishment of Malaysian people was 2.9, while Nigeria’s data was 11.5%. Furthermore, there was no prevalence of severe food insecurity in Malaysia, but Nigeria recorded 24.8% in its prevalence of severe food insecurity, within the period under consideration. The paper concluded that Nigeria’s economic performances are dwindling. It was recommended that to enhance stable and viable sustainable and economic growth for its people, Nigeria’s mono-economy must give way to the productive development of all sectors of the economy, particularly the agro-technology.