Natural Resource, Value Added and Economic Growth: The Case of Nigeria’s Vision 20:2020

7 Pages Posted: 8 Dec 2015

Date Written: December 8, 2015

Abstract

This paper is building on a paper done on a similar issue [2] which dwelt on Natural Resource, Value added and Economic Growth: Empirical Analysis from Selected African Countries. Contrary to what the other study did by analyzing several countries at the same time, this paper is looking specifically at the projection of the Nigerian government in 2009 to grow the GDP of the country to be among the largest 20 economies in the world by year 2020. The contribution of natural resources to the country’s GDP over the years is evaluated against the background of the projection. It was discovered that basing the growth of the economy of Nigeria on natural resources alone without adding much value cannot take the country to the elite class of the largest 20 economies in the world by 2020 which is about five years away. The paper concludes that adding value to the country’s natural resources considerably and in the present circumstance to double the present value of Nigeria’s natural resources will make Nigeria to achieve the target. In addition, the paper recommends that enhancement of the capacity of Small and Medium Enterprises (SMEs) in manufacturing and processing activities involving the country’s natural resources is the way to go to add the needed value to realize the Vision 20:2020 target.

Keywords: Natural Resource, Vision 20:2020, GDP growth, Value added, SMEs

Suggested Citation

Owolabi, Adekola, Natural Resource, Value Added and Economic Growth: The Case of Nigeria’s Vision 20:2020 (December 8, 2015). 6th Annual George Washington University (GWU)-International Council for Small Business (ICSB) Global Entrepreneurship Research and Policy Conference. Available at SSRN: https://ssrn.com/abstract=2700817 or http://dx.doi.org/10.2139/ssrn.2700817

Adekola Owolabi (Contact Author)

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