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Diversification of the Nigerian Economy for Sustainable Development: Issues and Challenges

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  • Muhammad Zayyanu Bello
  • Chika Umar Aliyu

Abstract

The paper examines the diversification of Nigerian Economy for sustainable development: issues and challenges. The main objective of this paper is to explain how the Nigerian economy engulfed in the problem of Dutch disease and how it can be diversified and sustained through plerotha of several resources endowed rather than over depending on oil and gas. This paper uses time series data obtained from CBN Statistical Bulletin, to provide a thorough assessment of the sectoral contribution to GDP based on economic sector of the Nigerian economy from 1960-2010.the paper explained that Nigerian economy is faced with the symptom of the Dutch disease syndrome looking at it’s over reliance on oil revenue and real sectors have not been accorded much concern and their contributions are low towards GDP. the paper also pointed out some of the challenges facing the diversification of the Nigerian economy, and give measures that will help in diversifying the economy which include: exploring other mineral resources, transforming and boosting the Agricultural sector, and strengthening the manufacturing sector among others.

Suggested Citation

  • Muhammad Zayyanu Bello & Chika Umar Aliyu, 2016. "Diversification of the Nigerian Economy for Sustainable Development: Issues and Challenges," International Journal of Economics, Business and Management Studies, Online Science Publishing, vol. 3(2), pages 75-81.
    • Handle: RePEc:onl:ijebms:v:3:y:2016:i:2:p:75-81:id:202
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    Cited by:

    1. Abdul Razak Abdul Hadi & Hafezali Iqbal Hussain & Zalina Zainudin, 2019. "Did Conventional Interest Rate Influence Islamic Total Deposits? Evidence From January 2007 Till January 2019," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 11-18, August.
    2. Awe, Olushina Olawale & Musa, Ann Precious & Sanusi, Gbenga Peter, 2023. "Revisiting economic diversification in Africa's largest resource-rich nation: Empirical insights from unsupervised machine learning," Resources Policy, Elsevier, vol. 82(C).
    3. Bimbo Onaolapo Adejare & Gbemi Oladipo Olaore & Ekpenyong Ekpenyong Udofia & Oluwaseun Ademola Adenigba, 2022. "COVID-19 Pandemic and Business Survival as Mediation on the Performance of Firms in the FMCG-Sector," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 8(3), pages 239-260, July.

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