In Nigeria, we are currently in the raining season which is the period when the nation experiences massive agricultural flourishes that comes with the rainfalls and fertile lands. Nigeria is a country that has a huge economic drive in agriculture as an alternative to the oil and gas sector, yet we have underutilized tapping into this huge investment opportunity due to some underlying issues that have truncated a smooth agricultural practice. The main issue is agricultural financing but some of these issues are as follows:
1. Lack of agricultural financing by the government such as injecting substantial funds as investments into the sector to bolster the food production significantly.
2.Governments negligence to creating access to loans and grants to smallholder farmers which will enable them to work efficiently and becomes a backing to their trades.
3. The neglected actions of government towards climate change and how that has affected our farming practices and results this season. For weeks, there was a low rainfall recorded in most part of the North where there are lots of agricultural practices and arable farmlands.
4. Insecurity within farming regions such as the farmers and herders clash in the food basket of the Nation (Benue State) amongst other parts of the country which have impacted negatively on the good availability in the country.
If we must improve our GDP and overall economy of the country, we must learn to make use of our natural resources to diversify our economy and bring about sustainability.
I always wonder how cryptocurrencies can be applied in community funding for Agricultural Financing and to curb insecurity in agriculture. Initiatives such as collective funding, rotating savings and credit associations as well as agricultural cooperatives?