Economic Diversification in Nigeria: Lessons from other Countries of Africa

Isukul Araniyar (), Chizea John () and Kelechi Ikechi ()
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Isukul Araniyar: Department of Banking and Finance, Rivers State University.
Chizea John: Department of Economics, Baze University
Kelechi Ikechi: Department of Agricultural and Applied Economics, Rivers State University.

Journal of Economic and Sustainable Growth 3

Abstract: The global fall in oil prices has caused significant external shocks to developing countries whose sole reliance on oil has seen a drastic fall in revenues that accrues from oil sales. To address this issue, there have been renewed calls for developing countries to diversify their economies so as to protect, mitigate and reduce the external shocks that result from depending on a single source of revenue. Nigeria has made several attempts to heed that call. still, it has not been very successful in making that transition, although there are indications that it may be heading in that direction.

Keywords: Economic diversification; economic growth; economic development; Nigeria; Africa. (search for similar items in EconPapers)
JEL-codes: R10 (search for similar items in EconPapers)
Date: 2018-06
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