The Need For Econimic Diversification In Nigeria The Need For Econimic Diversification In Nigeria

Abstract

The focus of this paper is to critically analyze the importance of diversification on informal sector for inclusive economic growth in Nigeria. The Objectives include but not limited to the followings and to explore other alternatives for generating revenue to federal republic of Nigeria apart from revenue from crude oil, To explore fully other solid mineral resources that can be explored, exploited and exported in large commercial quantities, To Diversify other products from crude oil which is around 104 by products qualitatively, quantitatively and commercially. 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. Recommendations for this are as follows; farming on large scale must be practiced on subsistent level, agriculture mechanical production, rearing of animal husbandry as well as fishing can also be practice in modern ways to boost Nigeria economy, by products must be developed all other areas of diversification such as tourism solid minerals, entertainment and sports must be developed to generate revenue for Federal Government of Nigeria. Conclusively Diversification is needed in Nigeria to promote Economic Growth and Enhanced Gross Domestic Product in Nigeria. Is therefore, concluded, 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.