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VOL. 7, ISSUE 6 (2021)
Economic diversification and the prospects for economic growth in Nigeria
Authors
Adeyemo Oyindamola Olajumoke, Okachi Blessign Owhowera
Abstract
The study examines the need for economic diversification for economic growth in Nigeria. Basically, it examined the structure and trend of industrial output in Nigeria. The theoretical framework in which this study is anchored on is the diversification theory and the Great Big Push Theory & Kaldor's First Law. The challenges of economic diversification in Nigeria are outlined in this study. The study recommends amongst others that the government of Nigeria should go into partnership with private investors either domestic or foreign to bring in their technological know-how and financial resources to develop these sub-sector for a diversified economy as against the current mono-economy. This is because, over the years, the government has made a lot of effort to finance and bring to limelight the potentials in the sub-sectors unfortunately; such effort never saw the light of day. Hence, time to think outside the box by sourcing for private investors. The likes of China, Malaysia, Indonesia, has done it and were able to revive their ailing economies, as such Nigeria can take a leaf from them and resuscitate their ailing and crumbling economy.
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Pages:108-114
How to cite this article:
Adeyemo Oyindamola Olajumoke, Okachi Blessign Owhowera "Economic diversification and the prospects for economic growth in Nigeria ". International Journal of Humanities and Social Science Research, Vol 7, Issue 6, 2021, Pages 108-114
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