Policy advocacy for economic development in Nigeria

Nigerian economy is mono-cultural, depending on a single commodity-oil. Other sectors of the economy have been relegated to the background, while the management of oil revenues has proven inefficacious in driving the economy to bring about the needed level of development. This scenario has serious negative implications on the nation's development calculus, as after five decades of exploration activities, a good percentage of Nigerians live in abject poverty, unemployment is double-digit and productivity is at its lowest ebb. Given this scenario, the study seeks possible ways of diversifying the productive base of the Nigerian economy. Using descriptive method of analysis, it is revealed that considering Nigeria's peculiar circumstances and the successes recorded before the advent of oil, for Nigeria to break loose from the problems inherent in a monotype-economy, especially one largely dominated by oil, which is subject to depletion, international price shocks and unfavourable quota arrangement, there is need for diversification. Two sectors-agricultural and tourism-are suggested as possible options for diversifying the Nigerian economy. Drawing from the implications of the study, certain recommendations, which include among others, improvement of hybrid species (both plant and animal), provision of complementary inputs, and direct involvement of government in the business of agriculture-for agriculture; and scaling up funds voted for tourism, relaxing the stiff conditionality associated with acquisition of tourism visa, and using state-of-the-art facilities at all tourism sites-for tourism, are put forth for policy.

2020

This study examined the growth potentials of Nigerian economy beyond the current practice of overdependence on the oil sector using time series data on gross domestic product, oil revenue, non-oil revenue and government expenditure over the period 1987 and 2016. While the variables oil revenue, non-oil revenue government expenditure served as explanatory variables, gross domestic product was used as the dependent variable. The result (carried out using ordinary least square method) indicated that all the variables except government expenditure are positively related to the dependent variable (GDP) when combined together while the coefficient of multiple determinations of 90% showed that the model is of high good fit. Besides, government expenditure is statically insignificant at 5% level. Thus, the study, therefore concluded by recommending diversification of the Nigerian economy, that is paying more attention to other sectors of the economy as a necessary step towards reducing the ...

Scholars journal of arts, humanities and social sciences, 2023

Review Article Nigeria is the largest economy in Africa, but it suffers from resource curse or Dutch disease where she is unable to leverage on her resource endowments to diversify into many other sectors of the economy. Her industrial capacity is very low due to infrastructure shortage. But the foregoing are motivated by rent-seeking and vested political power holders who rather will support implementing import-dependent policies. Consequently, it is difficult to adopt the latest technology and liberalize the economy for inclusive participation of the citizenry. Utilizing the New Institutional Economic (NIE) perspective, secondary sources of information and content analysis, the paper ascertained that protectionist policies of protecting nascent industries have not worked for Nigeria. For instance, closing the borders to protect local rice producers rather caused rice price volatility and inflation among others. Hence recommends a radical revolutionary change in the political economy will necessitate the needed reforms. All emerging economies in Asia passed through this stage of development.

IAEME, 2019

Nigeria runs a mono-cultural economy as 85 percent of her revenue is derived from oil and gas export. This require the involvement of "Financial Diversification and National Development in Nigeria." Despite a few measures in diversifying the Nigerian economy from reliance on the raw petroleum to advancement in the non-oil divisions, Nigeria still remains immature. Thus, the exploration investigated the degree to which the measures to help non-oil export has been compelling in enhancing the beneficial base of the Nigerian economy for national advancement. The principal target of this examination, subsequently, was to look at the impact of economic diversification on national advancement in Nigeria. The investigation observed that the Nigerian economy has not essentially gravitated towards the non-oil sector for national improvement. A part of the difficulties highlighted in the investigation include over specialization, poor policy makers and policies instruments, poor infrastructure, corruption, and lack of education. Some strategies identified for economic diversification include: regional mix, proper strong supportive structure, (political dependability, inner security, solid education framework), attitude change, openness, macroeconomic policy,and institutional matters, changing and boosting of the agricultural sector, strengthening the manufacturing sector, and strengthening anti-corruption campaign. A portion of the prospects is in the area of basic infrastructural reserves, dispensing of credit to agriculture, empowering interest in strong minerals just as national science investigates innovation and subsidize development. Various procedures incorporate infrastructural advancement, expand access to subsidy, and improve business condition, mechanical advancement, and human capital advancement.

There is no doubt that petroleum (crude oil) has contributed substantially to Nigerian revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified. Diversification does not occur in a vacuum. Mono-economy needs to give way to the productive development of various sectors of the economy. Following the supply and demand limitation of major importers from the country, which brought about the fall in the price of oil by more than 40% since June 2014 when it was $115 a barrel, which now is below $70, after five years of stability, it is a well-known fact that Nigeria's continuous large earnings or revenue from this sector will be impossible. As a matter of fact, there is an urgent need for the Nigerian government to begin looking into diversification of various sectors of the economy so as to attain solid economic growth. The Neo-Classical Growth Model, some empirical researches and secondary data collected and analyzed support our call for the diversification of Nigerian economy with an urgent need to decentralizing concentration on mono-crude oil-economy. These studies have shown that there exists a positive relationship between economic growth in Nigeria and diversification of other sectors because, when there were proper management of human resources, huge investment and concentration on agriculture, Nigerian economy was recorded to be healthy and vibrant. In those golden years, agriculture offered over 70% of Nigeria's teaming population job opportunities. Descriptive statistical method likewise was employed in this paper. This paper however, attempted to seek out how diversification of the economy will enhance stable and viable economic growth in Nigeria.

2016

The backbone of every nation is usually its economy. Nigeria, like other development countries of the world is paying more attention on how to accelerate the rate of development through the various sections of the economy. Oil is a natural resource, it is a very versatile and flexible non-productive, depleting, natural resource which is a fundamental input to modern economic activities providing about 50% of the total energy demanded in the world excluding the former centrally planned economy. In most cases, 90 percent or above of Oil exploiting countries of the world depend heavily on oil revenue for foreign exchange earnings and for the government budget. Petroleum or crude oil is known as hydrocarbon because it consists of a mixture of many substances but mainly carbon and hydrogen. It also contains a very small amount of sulphur, nitrogen, and oxygen which are nonhydrocarbon element. Petroleum industry controls the exploration and production of crude oil as well as its refining, marketing and servicing. Explicit policy objectives with respect to petroleum and mining are as follows: Active government participation in mining operations, diversification of mineral products, the organization and regulation of the development of mineral resource so as to optimize their contribution to the overall national development effort, the conservation of the countries mineral resources, research into efficient extraction methods and wider application and use of mineral manpower development of internal self sufficiency in the supply and effective distribution of petrol industry products, gas commercialization and the control of the problems (environmental) of oil production (Obadan, 1987). The present significant position of oil in the natural economy was not assumed until the early 1970's. It is not a novel revelation that it has since become the mainstay of contemporary Nigerian economy. Petroleum products such as petrol, diesel, fuel, oil, lubricant or petrochemical makes Nigeria's economy wheel go round. Petroleum has transformed many nations which were once poor into rich nation, it transformed bankrupt nations into creditors and desert into watersheds. Specifically, using Nigeria as an example, there is no gain saying that the oil sector has undergone tremendous transformation over the years. (Anyanwa, 1997). No other resources in Nigeria has played such a towering role over the national economy as crude oil. This industry has emerged from being merely the "supportive" economic sector it was in the 1960's into the predominant source of foreign exchange and

International Journal of Multidisciplinary Research and Development, 2015

The Nigerian economy has for decades precariously leaned on the fragile leg of crude oil. Consequently, it has had a chequered growth trajectory driven by the vicissitudes of oil prices. An emerging trend suggests that in the last seven years the economy was growing without job creation and poverty reduction. Expectedly, attention of scholars had shifted towards non-oil export as a remedial for this quagmire. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified. Diversification does not occur in a vacuum. Monoeconomy needs to give way to the productive development of various sectors of the economy. This paper however, attempted to seek out how diversification of the economy will enhance stable and viable economic growth in Nigeria. It was found that for the economy to be diversified there has to be a very serious paradigm shift in economic policies and political will to implement such changes in policies....

Open Journal of Political Science, 2015

Nigeria operates mono commodity (petroleum) based economy. She just extracts the oil for export. The generated revenue is not effectively invested on diversification of the economy to develop a robust and stable economy. This is due to some socio-political challenges that border on individual interests and poor socioeconomic orientations that militate against industrialisation of the economy. The situation exposes the nation to both economic and socio-political instability as the economy fails to accommodate wide spectrum of people and sustain the basic needs of the populace. Nigeria should pragmatically address the challenges of poor industrialisation to diversify her economy.

Presentazione del volume: Capena. La necropoli di Monte Cornazzano, 2024

Giovedì 10 ottobre alle ore 17.30 Museo ETRU ospita la presentazione del volume edito da L’ERMA di BRETSCHNEIDER "Capena. La necropoli di Monte Cornazzano. Identità e memoria di una comunità" curato da M.G. Benedettini e Giovanni Ligabue con testi di L. Balzerani, M.G. Benedettini, E. Biancifiori, G. Ligabue, E. Mangani, C. Mottolese, S. Neri, D. Rossetti e L. Sagripanti Il volume presenta i contesti funerari di una delle necropoli dell’antica Capena, indagata a più riprese agli inizi del ‘900 dall’allora Museo Preistorico e dal Museo di Villa Giulia. Gli scavi a Monte Cornazzano portarono in luce 67 tombe, sia fosse che camere ipogee, che testimoniano un’occupazione interrotta dell’area dalla metà dell’VIII secolo a.C. sino alla prima età imperiale. La ricostruzione filologica dei contesti, attuata attraverso l’uso delle fonti documentali disponibili e dei materiali conservati, ha consentito di ricomporre un quadro culturale d’insieme alquanto esaustivo, che contribuisce a definire la fisionomia di una tra le più interessanti comunità dell’Italia preromana. Ingresso gratuito in Sala Fortuna. Info e prenotazioni all'indirizzo mail [email protected] Introduce: Luana TONIOLO Direttrice Museo Nazionale Etrusco Villa Giulia Presentano il volume: Gilda BARTOLONI già Professoressa in Etruscologia e Antichità italiche (Sapienza Università di Roma) Filippo DELPINO Pontificia Accademia Romana di Archeologia Laura M. MICHETTI Professoressa in Etruscologia e Antichità italiche (Sapienza Università di Roma) Saranno presenti gli autori e i curatori