Research Article

Diversification of The Nigerian Economy for Sustainable Development

WANNANG V. N1*, ZAKKA D. D1, ADAMU I2
1 Department of Office Technology and Management, Plateau State Polytechnic, Barkin Ladi
2 Department of Humanities and Social Sciences, Federal Polytechnic, Nassarawa.
* Corresponding author: vivian2017wannang@gmail.com
Published: Dec, 2017
DOI: 10.67862/hjjgs.2017.y3va3bhb
Pages: 43-49

Abstract

The economic dangers of extreme dependence on a single product are very obvious. It is against this backdrop that this paper examines the need for the diversification of the Nigerian economy for sustainable development. The study discusses the concepts of economic diversification and sustainable development, the rationale for the diversification of the Nigerian economy, benefits derivable from diversifying the Nigerian economy and the challenges of economic diversification in Nigeria. The study concludes that achieving Nigeria's quest for economic diversification  and its sustainable development objectives depend on and urgently requires addressing the myriad of challenges of economic diversification. These include: policy impediment, poor infrastructure, low level human capital development, corruption and mismanagement, weak institutional framework, low level of technology and poor access to funding. This paper recommends the need for a leadership, audacious enough to engender social change that Nigeria requires to push its quest for economic development that addresses key sectors of the economy.

References

  1. Anyaehie, M. C. & Areji. A. C. (2015) Economic Diversification for Sustainable Development in Nigeria. Open Journal of Political Science. 5 87-94. Retrieved on 04th July 2017 from_[http://file.scirp](https://www.google.com/search?q=http%3A%2F%2Ffile.scirp). org/pdf/OJPS_2015030609345277.pdf
  2. Bassey, C. O. (2014) Resource Diversification for Sustainable Economic Development in Nigeria. British Journal of Humanities and Social Sciences. 5(1). Retrieved online from [http://ajournal.co.uk/](http://ajournal.co.uk/) HSpdfs.../HSV33vol5no1pdf on 14th July, 2017
  3. Central Intelligence Agency (2013). US Bureau of the Census. Retrieved on 04th July, 2017 from http:// [www.indexmundi.com/nigeria/population.html](https://www.google.com/search?q=https%3A%2F%2Fwww.indexmundi.com%2Fnigeria%2Fpopulation.html)
  4. Department of Economic and Social Affairs of the United Nations Secretariat (UN/DESA) (2013). World Economic and Social Survey. United Nations publication. Retrieved from www.sustainable development.un.org/.../2843WESS2013.pdfon 30" June, 2017
  5. Emaviwe, C.U (2016). Taking a Pound of Flesh without Spilling Blood: The Purification of the Environment in the Niger Delta through law. Twelfth Inaugural Lecture, Igbinedion University, Okada. Benin: AMBIK Press.
  6. Ezeudu, I. J. (2014) "Evaluation of Non-Oil Contribution in Export Financing the Develop- ment of Nigeria's Economy: An Empirical Analysis of Export Processing. Zone". Retrieved on 04th July 2017 from Research Journal of Finance and Accounting. 5(6). 58-63.
  7. Ikpi, A. (2010). Nigeria's Agriculture Sector Assessment: Issues of Technology Development and Transfer. Revised final Report Prepared for the United States Agency for International Development, USAID/AFR/SD Washington DC, USA Retrieved online from [http://pdf.usaid.gov/pdf_docs/PNADB850.pdf](https://www.google.com/search?q=http://pdf.usaid.gov/pdf_docs/PNADB850.pdf) on 14th July, 2017
  8. Onodugo, I. C., Benjamin A. A. & Nwuba, B. N. (2015) Diversification of the Economy: A Panacea for Nigerian Economic Development. International Journal of Multidisciplinary Research and Development. 2(5). 477-483. Retrieved on 04th July 2017 from [https://www.niqslagos.org/journal/](https://www.google.com/search?q=https://www.niqslagos.org/journal/) diversification of The Economy A Panacea. pdf
  9. Mbaegbu, D. (2016). An Industrialization Strategy For Economic Diversification and Sustainable Development of Nigeria. International Journal of Advanced Studies in Business Strategies and Management. 4(2). 2354-4236 Retrieved on 04th July 2017 from [http://www.internationalpolicy](https://www.google.com/search?q=http%3A%2F%2Fwww.internationalpolicy) brief.org/images/2016/ASBSM/article 3.pdf
  10. National Bureau of Statistics. (2015). Crude Oil Share of Government Revenues 2011-2014. Retrieved from [http://nigerianstat.gov.ng/resource/](https://www.google.com/search?q=http://nigerianstat.gov.ng/resource/) Opening pdf 04 July, 2017
  11. Nwabueze, A. M. & Ozioko, R. E. (2016). Information and Communication Technology for Sustainable Development in Nigeria. Library Philosophy and Practice. 3 (2). Retrieved from www.webpages. uidaho.edu/~molin/Nwabueze-Ozioko.pdf on 04th July, 2017
  12. Suberu O. J., Ajala O. A., Akande M. & Olure-Bank A. (2015). Diversification of the Nigerian Economy towards a Sustainable Growth and Economic Development. International Journal of Economics, Finance and Management Sciences. 3(2).107-114. Retrieved from [http://www.science](https://www.google.com/search?q=http://www.science) publishing [group.com/j/ijefm)doi:10.11648/j.ijefm.20150302](https://www.google.com/search?q=https%3A%2F%2Fgroup.com%2Fj%2Fijefm)doi:10.11648/j.ijefm.20150302) 15pdf on 04th July, 2017
  13. United Nations (2010). Economic Diversification in Africa: A Review of Selected Countries. Office of the Special Adviser on Africa and the NEPAD- OECD Africa Investment Initiative. Retrieved from [http://www.a-id.org/pdf/economic-diversification](https://www.google.com/search?q=http://www.a-id.org/pdf/economic-diversification) -in-africa.pdf on 14th July, 2017
  14. United Nations (2014) United Nations Framework Convention on Climate Change. Retrieved from [http://unfccc.int/adaptation/workstreams/nairob](https://www.google.com/search?q=http://unfccc.int/adaptation/workstreams/nairob) i_work_programme/items/3994.php 05th July, 2017
  15. Yemi, K. (2016). Pushing Nigeria's Economic Diversification Forward: Issues & Options. Address by Statistician General of the Federation/Chief Executive Officer, National Bureau of Statistics at the 7th Stanbic IBTC Bank Investors Conference: Unlocking Nigeria's Potential...growing through diversification. Eko Hotels and Suites Victoria Island, Lagos 23 February 2016. Retrieved on 04th July, 2017 from [http://nigerianstat.gov.ng/resource/Opening%20](https://www.google.com/search?q=http://nigerianstat.gov.ng/resource/Opening%2520) Address%20stanbic%20investment%20c onference%202016_ko%20-clean-.pdf
How to Cite

N, W. . V., D, Z. . D., & I, A. . (2017). Diversification of The Nigerian Economy for Sustainable Development. Humanity - Jos Journal Of General Studies, 9(1), 43-49. https://doi.org/10.67862/hjjgs.2017.y3va3bhb

W. . V. N, Z. . D. D, and A. . I, "Diversification of The Nigerian Economy for Sustainable Development," Humanity - Jos Journal Of General Studies, vol. 9, no. 1, pp. 43-49, December 2017. doi: 10.67862/hjjgs.2017.y3va3bhb

Share this article:
Facebook X / Twitter LinkedIn
Download PDF View Full Text (PDF) Back to Articles