Economic Diversification for Sustainable Development in Nigeria

Potential impacts on local quality of life due to sugarcane expansion: a case study based on panel data analysis

“…When communities are highly dependent in one activity, they lose the ability to ensure long-term stability of the economy. Economic diversification, therefore, has the power to reinforce an economy's ability to adapt and protects its long-term prospects in the face of depletion of the basic natural resources and the vagaries of economic fluctuations under the pressure of competition in globalization (Anyaehie and Areji 2015). Diversification is important, including in the agricultural sector.…”

An Evaluation of Agricultural Financing, Policies and Initiatives for Sustainable Development in Nigeria, In the 21st Century: 1990-2014

“…That is, in order to attain sustainable development, it has to include a well-thought and plan strategy that include but not restricted to; Human resource management, environmental management, economic sustainability and political development. Anyaehi et al (2015), in their work, posit that the main goal of development is to satisfy human needs and aspiration. It involves actualization of human potentialities, and proper understanding and management of the environment and the resources therein for sustained and continual improvement of quality of human life, both for now and the future.…”

Electricity Supply and Economic Diversification in Nigeria (1981-2016)

“…According to CIA World Factbook, (2018) the Nigerian oil-based economy stumbled due to insecurity and pervasive corruption, inconsistent regulatory environment, delay in legislative reforms, inefficient property registration system, inadequate infrastructure and most of all inadequate power supply. This opened the nation to economic instability resulting from the eccentricity of international oil markets, gross unemployment, poverty, and a docile political leadership that is indifferent in articulating and embarking on viable economic policies (Anyaehie & Areji, 2015). Moreover, oil depletion presents a threat to Nigeria's economic growth and development, which has spurred on the urgent need for economic diversification to be realized in the near future.…”

“…Economic diversification refers to the process of broadening the types of economic activity that a country is involved in, such that it is not dependent on a single sector or resource. Through diversification, economic activity is spread more evenly across sectors (Anyaehie &Areji, 2015 andImbs &Wacziarg, 2003). Diversification is not a simple process, especially for resource-abundant countries that have been relying heavily on a single resource for growth, and therefore important that resource-rich countries develop policies to ensure that the depletion of the resources is offset by a compensating increase in other forms of capital (Lange & Wright, 2002).…”

“…However, Suberu, Ajala, Akande & Olure-Bank (2015) stated that diversification does not occur on its own and therefore the need to have in place an enabling environment to make it possible becomes imperative. Anyaehie & Areji (2015) mentioned that Nigerian government has tried in the diversification of the economy but the government policies have not been effective as a result of numerous challenges such as macroeconomic orientation, poor infrastructure, weak economic institutions, poor corporate governance, poor educational orientation, endemic corruption, and insecurity. One of the possible contributors to the huge productivity gap between the developed and developing countries is low-quality infrastructures of which electricity occupies the center stage (Odell, 1965).…”