Diversification: A Panacea for Sustained Economic Recovery and Development
17 Pages Posted: 28 Jul 2017 Last revised: 22 Feb 2019
Date Written: July 25, 2017
It is appalling that a country so rich and endowed with mineral and human resources; already diversified in terms of peoples and culture as Nigeria has over the years, continued to depend mainly on oil for economic survival. Due to the oil market volatilities in recent times however, and a drop in demand for Nigeria’s main export-crude oil, the economy has taken a downward plunge. A sharp decline in both imports and exports resulted in a negative trade balance of N184.1billion naira in the first quarter of 2016. In view of this, this paper looks at the myriads of diversification options open to Nigeria and the role this can play in achieving a sustained economic recovery and development.
Keywords: Diversification, Economic Recovery and Development
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