Final answer:
Agriculture is considered the mainstay of the Nigerian economy as it provides significant employment, ensures food security, contributes to exports, supports related industries, and has historically promoted economic development. However, challenges like land degradation and vulnerability to global competition highlight the need for sustainable practices.
Step-by-step explanation:
Agriculture can be regarded as the mainstay of the Nigerian economy for several reasons. Firstly, agriculture is a significant source of employment, engaging a large percentage of the population, which in turn supports the livelihoods of many and contributes to the country's Gross Domestic Product (GDP). Secondly, the agricultural sector provides the majority of food for the local population, ensuring food security and reducing dependency on food imports.
Another reason is the contribution of agriculture to the national export; agricultural products constitute a large portion of the country's exports, bringing in much-needed foreign currency. Additionally, diverse agricultural produce such as spices, coffee, tea, palm oil, and rubber indicates a variety of revenue streams. Finally, agricultural expansion has historically led to the development of related industries, such as food processing, equipment manufacturing, and transportation, leading to broader economic growth.
However, there are challenges to relying on agriculture, such as land degradation, monocropping vulnerabilities, and low profit margins due to global competition. Sustainable agricultural practices and diversification within the sector are recommended to combat these issues and maintain the robustness of agriculture as the mainstay of the Nigerian economy.