Nigerian economy is monolithic with primary commodity oil export constituting above 95 per cent of total export receipts since the 1990s. This feature has its implications on the economy as the vagaries associated with oil export are transmitted directly to the economy. Recently, economists argue in favour of economic diversification, that is, one with expanded varieties of determinants of income and employment, as key to erecting a sustainable growth and development. In fact, economic diversity and economic development are linked since the former provides opportunities for income growth, employment and development which a mono-product economy lacks. Notwithstanding attempts towards attaining a more diversified economy, this has not translated into commensurate employment, infrastructural provision and sustained advancement in the standard of living due to limited market assess, unskilled labour, insecurity, corruption, etc. This study seeks to examine empirically the relationship between private sector development and economic diversification from 1999Q1-2016Q4. Employing time series analysis with data drawn from Nigeria, the results indicate that the level of private sector investment is a significant determinant of economic diversification both in the short-and long-run. Equivalently, quality of infrastructure, violent conflicts, quality of governance, and openness are also important determinants of economic diversification in the short-and long-run.
Purpose: The danger inherent in anchoring the growth prospects of an economy on a single product has long been established and for decades now, Nigeria has remained a mono-product economy with all her foreign exchange earning possibilities anchored only on oil revenue. The paper sought to investigate the imperatives of gender equality in expanding the economic base of Nigeria.
Methodology: Based on the assumption of increasing returns to scale for the manufacturing sector and constant returns to scale for the primary sector, it apparently follows that a country’s manufacturing output will grow faster (or slower) than that of the rest of the world if it had an initial comparative advantage in manufacturing (or primary) sector as hypothesized by the Prebisch-Singer Hypothesis. Employing Engel-Granger and Error Correction Model in an endogenous growth framework were used in this study.
Main Findings: This study found that the existing gender inequality has negative effect on the drive to diversify the economy by reducing the potential pool of human capital and promoting gaps in opportunities.
Applications: These programmes will help on female self-employment, increased ratio of female to male labour force participation rate and a reduction in the ratio of female to male in vulnerable employment should be included in policy formulations.
Novelty/Originality: The efforts should be sustained that totally remove or reduce to their barest minimum all patriarchal tendencies that exploit the female gender and place them at unequal gender relations. It is also recommended that social institutions such as social protection mechanisms should be entrenched as an avenue to reduce the vulnerabilities faced by women.
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