ECONOMIC DIVERSIFICATION AND EXPORT: THE NIGERIAN PERSPECTIVE

Christopher Kemakolam Dike (PhD), Marilyn Njoku

Abstract


The petroleum sector has undoubtedly contributed substantially to Nigerian economy since its discovery in 1956 and more especially, since 1970 when its price has been on the upward   trend. It is important to note that for a country to attain the growth and development level which Nigeria requires; its economy has to be diversified. With a fall in the price of oil in the international market, it has become very evident to Nigeria that the only option left to sustain her economy is looking outwards and looking away from oil as the only source of improving its GDP.

Nigeria is a mono product nation and this mono productivism has put the nation in an economic quagmire. A strong growing sustain able economy is the goal of every nation. Mono product economy needs to give way to the productive development of various sectors of the economy. The study focused on economic diversification and the role of agricultural export therein. Most studies have concentrated on diversification of agricultural exports, which is an important economic fundamental in view of our under development. Export of agricultural products, in the light of bountiful natural endowment of Nigeria, was seen as a veritable channel to diversify the currently mono-export economy. Government should concentrate on the development of small and medium scale industrial enterprises as a means of boosting agricultural productivity and export.


Keywords


Economic Diversification, JEL Classification: Q17

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