Diversification of Nigeria’s economy: Option for sustainable growth

Abstract

This paper addressed the inherent aberration in Nigeria‘s mono-product economy which, over the years, has been glossed over by deliberate inadvertence. It traced the root of this aberration to the overarching posture of oil as the country‘s primary revenue earner since its discovery in 1956. The near-total neglect of the other sectors of the economy as a result of the heavy dependence on oil earnings saw the country drift into recession. As revenue took a nosedive, naira value also took a dip on the foreign exchange market. The paper addressed the need for the country‘s economy to be diversified. This would entail the productive development of the other sectors of the economy aside from oil. Using the descriptive statistical method, data collected from secondary sources were analyzed to establish that there is a positive correlation between diversification into other sectors of the economy and sustainable economic  growth. Attendant issues were discussed, and challenges identified which, if frontally addressed in the drive towards economic  diversification and, anchored on concrete, focused action as outlined here offers assured prospects for Nigeria‘s economic growth and sustainable development beyond oil.

Keywords: Diversification, Governance, Real Gross Domestic Product (GDP), Self-Reliance and Sustainable development