ISSUES AND PROBLEMS OF DIVERSIFYING THE NIGERIAN ECONOMY BEYOND CRUDE OIL WEALTH

Abstract

This paper examined issues and problems of diversifying the Nigerian economy beyond crude oil wealth. Diversification of the Nigerian economy means that the country’s economy will cease to depend on crude oil for its Gross Domestic Product. Diversification of the Nigerian economy beyond crude oil dependence also means that the Nigerian economy should find alternative sources of earning her revenue to sustain the 36 states of the federation. Therefore, any serious action to diversify the Nigerian economy must start with reviving other alternative sectors. These other sectors such as the agricultural sector, the manufacturing sector, the mining sector and the tourism sector, for examples that are supposed to be diversified have challenges and problems as they rely on foreign equipment for support. Nigeria’s increasing population and over dependency on foreign innovation and technology will not rekindle and sustain her national drive towards diversification of the economy. This problem and other hindrances are barriers to diversifying the Nigerian economy beyond crude oil wealth. The study adopted the descriptive design. It drew upon primary and secondary sources. Primary sources include oral information and testimonies. Newspapers and magazines reports were also used in conjunction with official records in government publications. Secondary sources include relevant books. The researchers made use of direct observation method. All the information so gathered was subjected to critical historical examination.