Vol. 2, Issue 5 (2015)
Diversification of the economy: A panacea for Nigerian economic development
Author(s): Onodugo Ifeanyi Chris, Benjamin A. Amujiri, Nwuba, Bethram Ndibe
Abstract: The Nigerian economy has for decades precariously leaned on the fragile leg of crude oil. Consequently, it has had a chequered growth trajectory driven by the vicissitudes of oil prices. An emerging trend suggests that in the last seven years the economy was growing without job creation and poverty reduction. Expectedly, attention of scholars had shifted towards non-oil export as a remedial for this quagmire. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified. Diversification does not occur in a vacuum. Mono-economy needs to give way to the productive development of various sectors of the economy. This paper however, attempted to seek out how diversification of the economy will enhance stable and viable economic growth in Nigeria. It was found that for the economy to be diversified there has to be a very serious paradigm shift in economic policies and political will to implement such changes in policies. Furthermore, the data show that the neglect of agriculture has, in addition, led to the constant depreciation in GDP of the country. Hence this clarion calls for urgent diversification of the Nigerian economy.