What is Agricbusiness | Definition and Benefits of Agricbusiness
WHAT IS AGRICBUSINESS? – Agribusiness is very unique because it prepares one for employment in the area such as food industry, in which there are more jobs than applications. Consider food service, with its innovative ideas in marketing or the international sector and opportunities for export and production abroad. To be a part of this industry, every one venturing into Agriculture needs a strong background in agribusiness and production.
Harnessing the agribusiness industry will account for nearly one-fifth of the nation’s Gross National Product. Employ close to one-fourth of the labour force. During the past decade, this major economics sector has been undergoing tremendous changes that affected every phase of the industry owing to the continuous move by the national government to consolidate tin nation’s agriculture.
On the domestic scene, we are witnessing the consolidation of farms into larger and more efficient operations that an increasingly industrialized and being managed by highly skilk-d management.
At home and abroad, the upheaval and opportunity spawned by technologies, the ascendancy of environmental and nutrition awareness among consumers and agribusiness, and the u influence of our nation and foreign policies on agricultural support and trade are having a significant effect on the way all facets of the industry do business (Alimba, 1998). Perhaps there has been a great momentous change in the past thru levels of government; Local, State and Federal owing to the increasing globalization of agriculture leading to a great loss of the nation’s dominance in the international market place.
The ability of the key agribusiness players – the agricultural producers, the business that provides supplies and services in the producers, and the business that add value to agricultural products – to respond to these changes will depend on tin knowledge, managerial expertise, leadership ability, and creativity of agribusiness managers and leaders. Today’s need by agribusiness firms of more and better trained employees in both management and the agricultural science can no longer hi ignored. Improving competitiveness is a key to success. In fact, agribusiness among other things helps;
- To facilitate better understanding of the necessary relationship between on-farm and off-farm functions essentially for integrated development.
- To pin point the best possible approach for achieving and improving policies related to efficient production of food and fiber in the economy.
- To allocate the essential problems facing agriculture and to pin-point the priorities and choices between agriculture and industrialization.
- To appreciate the need for seeing development as an integrated element and to evolve a holistic frame – work for the same.