Nigerian economy is mono-cultural dependence on a single commodity-oil, while other sectors of the economy have been relegated or neglected since the discovery of oil, and the management of oil revenues has proven inefficacious in driving the economy to bring about the needed level of growth talk less of development. This has the serious negative implementation of the nation's development, as good percentage of Nigerians still live in abject poverty and unemployment is on the increase in the country. In respect of this, the paper seeks possible ways to diversify the productive base of the Nigerian economy. It is revealed that considering Nigeria's peculiar circumstances and successes recorded before the advent of oil, for Nigeria to break loose from the problems inherent in a monotype-economy dominated by oil, which is subject to depletion, international price shocks and unfavourable quota arrangement, there is a need for diversification of Nigerian economy for National development. This paper, therefore, describes the importance of Entrepreneurship as a realistic mechanism for the diversification of Nigerian economic development. It discusses that entrepreneurship has been instrumental in the economic development and job creation in most of the developing economies, and training on entrepreneurship is one of the possible options for diversification of the Nigerian economy. The paper recommended that
The populace in developing countries be it better or worse offs are exposed to a variety of risks like illness, disability, death, unemployment, or
Article History JEL Classification L60, Q40.Electricity is regarded as sine quo non for any meaningful social, economic and modern scientific advancement of any country in the world. It is regarded as a force and engine room of the industrial sector. However, in Nigeria, instability in power supply is negatively affecting manufacturing efficiency. Time series data for 1981 until 2015 was used to examine the symmetric relationship between the electric consumption, manufacturing output and financial development in Nigeria. The result indicates the co-movement in the variable over long time horizon, meaning that any inefficiency in electricity supply would impedes industrial output. Moreover, the Granger causality test based on vector error correction framework shows the presence of causality between power utilization of manufacturing firms and economic growth without feedback. In this sense it can be stress that stable electricity consumption is important factor for Nigeria's manufacturing sector. The result of variance decomposition further indicates that the variation in the industrial output responds more to shocks in the electricity supply than its own shock. This finding suggests that energy is the engine of manufacturing sector in Nigeria.Contribution/ Originality: This study contributes to the existing literature of energy economics by examining the symmetric relationship of factors that inhibits energy sustainability in Nigeria. The study uncovers the major impediments to the Nigeria's manufacturing revolution. Sustainable development is only possible, if and only, these rigidities were systematically tackled.
Recently the phenomenon of jobless growth has become common, defying the famous Okun law which predicted increase in job with increase in economic growth. Many factors have been advanced as explanations for this, most prominent of which are changes in the labour market and lopsidedness in economic growth. This paper is an attempt to measure labour market dynamics in Nigeria focusing on the relationship between economic growth and unemployment. The paper used data from 1991 to 2020 and employed GMM and ARDL models to analyze the data. Unlike the Okun law which prophesies negative relationship between unemployment and economic growth, the result from this analysis show that there is positive relationship between unemployment and economic growth, confirming the existence of the phenomenon of jobless growth in Nigeria. The paper recommended structural changes in the economy and the labour market.
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