Nigeria beyond Oil: Options for Sustainable Development
Journal Title: Saudi Journal of Business and Management Studies - Year 2017, Vol 2, Issue 12
Abstract
Abstract:Nigerian economy is largely dominated by a single commodity called crude oil or simply, oil. The management of revenues from this single commodity-driven oil sector has proven ineffective in driving the economy to the required level of development. As a result, the non-oil sector of the economy has been relegated to the background. This scenario, no doubt, indicates serious negative implications on the nation’s development equation after five decades of oil exploration activities in Nigeria. The problems inherent in this dominating single commodity are that it is not only subject to international price shocks and unfavourable quota arrangement but also depletion. The predicted rate of depletion of the oil reserve has cast doubt on the sustained development of the oil sector. Available statistics show that a good percentage of Nigerians live in abject poverty, unemployment is double-digit and productivity is at its lowest ebb. The economic development periscope of Nigeria has turned towards the non-oil sectors and the promotion of diversification. Diversification does not occur in a vacuum. The paper is purely based on literature from secondary sources, mostly review of available reports, studies and conference presentations, and also conceptual issues. The objective of this paper therefore is to seek possible ways of diversifying the productive base of Nigerian economy in order to achieve sustainable development. It zeros in on ‘agriculture’, ‘infrastructure’ and ‘human capital development’ as options for sustainable development in Nigeria. Keywords:Oil, development, sustainable development, diversification.
Authors and Affiliations
EzirimOnyekwere N
Keywords
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