Yet, it was facing some headwinds already before the Covid-19 crisis, with growth of only +2.3% in 2019. CHAPTER 5. The government should take into considerations worldviews on the economic diversification of the country to resolving the challenges the process may face because the non-oil economy in Nigeria is complex and has an enormous potential to become a healthy and vibrant economy and free Nigeria from reliance on the oil revenue. It is aimed at exposing Nigeria and Nigerians to the numerous benefits accruable in the development of its indigenous maritime economy. For decades, economic diversification has been a policy priority for low- and middle-income economies. The government’s diversification agenda, succinctly articulated in the Economic Recovery and Growth Plan, is expected to focus attention on this important sector and drive its growth. Despite numerous reforms, international loans and restructuring programmes, 85 million Nigerians live in deteriorating conditions of poverty. Export Diversification and Economic Growth in Nigeria: An Empirical Test of Relationship Using a Granger Casualty Test @article{Olaleye2013ExportDA, title={Export Diversification and Economic Growth in Nigeria: An Empirical Test of Relationship Using a Granger Casualty Test}, author={S. O. Olaleye and Femi Edun and Shakirudeen Babatunde Taiwo}, … Financial benefits are targeted at the farm or family level, with increases in production and income (Kenya, Viet Nam). An important question is whether more can be done to develop tourism within such rural areas, as a way of dispersing the benefits of tourism and increasing its poverty impact (Holland, et al., 2003). General and Specific Objectives of the Study The aim of this study is to analyse the benefits of the application of economic specialization diversification strategy of real estate investment portfolios in South East States of Nigeria. The dire need for economic diversification Over the past decade, the Nigerian economy registered +4.8% growth on average, which was mainly sustained by the performance of hydrocarbon sector. It is the only viable way to survive the current environment of global economic uncertainty with the volatility of oil price. Economic diversification does not mean moving away from extractives, but rather to optimise the growth in other sectors to protect the economy from negative shocks," Gayle noted. Keywords: Economic diversification, Agricultural production I. Economies heavily dependent on natural resources can face serious challenges in sustaining growth because of swings in prices for those resources. The Association of Bureaux De Change Operators of Nigeria has said that unification of exchange rates is necessary to maximise the economic benefits of increased remittances inflow into the economy. It does not necessarily entail increase in output but it enhances stabilisation of economies by diversifying their economic base. The industry has emerged from being merely the “supportive” economic sector it was in the 1960’s to the predominant source of foreign exchange and most viable access to international investment opportunities in the 80’s and 90’s, 3 no other resources in Nigeria has played such a towering role over the national economy as crude oil. Each region of the country specialized in di erent range of products which they exported to earn foreign exchange. An important question is whether more can be done to develop tourism within such rural areas, as a way of dispersing the benefits of tourism and increasing its poverty impact (Holland, et al., 2003). While the benefits of economic diversification are generally acknowledged and virtually all oil and gas-rich countries including Nigeria are and have been for decades rhetorically committed to the policy of economic diversification, and have allocated significant … While successive governments have made efforts in diversifying Nigeria’s economy across major sectors, one segment the country can make unlimited exploit is natural gas. For decades, economic diversification has been a policy priority for low- and middle-income economies. The Blue Economy as championed by NIMASA is intended to diversify the economic base of the economy of Nigeria which hitherto is Crude oil dependent. In furtherance of the Federal Government’s economic diversification policy, Nigeria recently developed draft codes of practices for the tomato value chain from planting, harvesting, processing and transportation to Storage. It is therefore imperative that the role of energy as an economic driver is capitalised upon. 4 Country Strategy Note: Nigeria The gas sector has the potential of generating a huge amount of revenues for Nigeria, having recorded a “historic sale of 4.3 billion cubic feet per day in 2011” 3 and with the last and present government pledging to support a steady growth of the gas sector. Similarly, the broad vision of the Economic Recovery and Growth Plan (ERGP) of Nigeria is to turn around the country’s economic performance and lay the foundations for sustained inclusive growth. Tourism is as of the largest economic sector, generates employment and foster growth in many countries. “Nigeria is … Diversification of the Nigerian economy is what the country needs in the 21st century. The numbers speak for themselves. Oil makes over 80 percent of all the country’s revenue and the exportation of crude oil brings nearly 98 percent of all the export earnings. Tourism is one sector that can guarantee numerous benefits for a sustainable growth from the over reliance on the oil sector. In all human existence, energy is of importance. The economy of Nigeria has been monolithic in the recent past, owing largely to its dependence on crude oil revenues. Diversification of the Nigerian Economy: Maximizing Nigerian Agricultural Potentials By Professor S. C. Achinewhu and Dr. Helen Opigo Date: Time: 12.15pm Venue: Unity Hall Government House Asaba 1.O Executive Summary 1.1 The Decline of Agriculture as the Mainstay of the Economy Agriculture between 1960 and 1965 was the mainstay of Nigeria’s economy, contributing up to… As countries like Nigeria, Angola, Gabon, Congo or Equatorial Guinea deal with unprecedented lows in oil prices and struggle to keep their economies afloat, the current downturn could well be the historic turning point these economies need to seriously put diversification at the top of economic policies priorities. In his keynote address delivered virtually at the 19th meeting of the National Council on Development Planning President Muhammadu Buhari on Thursday, June 10 2021 launched the Lagos-Ibadan railway project’s commercial operations at the Mobolaji Johnson Railway Station in Ebute Metta, Lagos, The President hailed the achievement as “another landmark in this administration’s drive to revitalize the railway system and establish it as a preferred mode of transportation for both passengers and freight.” As a matter of priority, Nigeria government must encourage the diversification of Nigeria’s economy. For instance, the switch to Green Programme can promote the use of biogas technology. The benefits include: •The export of non-oil products increase the foreign exchange earnings of the country, which assist in the financing of other economic sectors of the nation.• Export of non-oil products create employment and reduce unemployment problems in the country. As countries like Nigeria, Angola, Gabon, Congo, or Equatorial Guinea deal with unprecedented lows in oil prices and struggle to keep their economies afloat, the current downturn could well be the historic turning point these economies need to seriously put diversification at the top of economic … Telecommunications sector plays a dual role in economic activities; 1. I employ the ‘political settlements’ analytical framework to As a matter of priority, Nigeria government must encourage the diversification of Nigeria’s economy (Jonathan, 2013). While the country remains ‘a huge investment opportunity’, the path to total recovery, most people agree, is to […] No Comments on Sports as part of Nigeria’s economic diversification During my childhood and teenage years, my younger brothers and I were very fond of soccer. From Barnawa Housing Estate, Kaduna to Airport Road, Kano and Okumagba Estate, Warri where we lived, soccer was the most popular and the most enjoyable game amongst our peers. A circular economy can offer a waste-to-wealth path for our economic growth and a sustainable way to tackle health, safety, and environmental landscape. Sports should be part of Nigeria's economic diversification 15 Jun 2017. Posted on May 25, 2016 May 25, 2016 Author Williams Osewezina Categories Headlines Tags Diversification of Nigeria's economy, Mr. Gu Xiaojie, Nigeria, … The Association of Bureaux De Change Operators of Nigeria has said that unification of exchange rates is necessary to maximise the economic benefits of increased remittances inflow into the economy. According to him, Nigeria has the opportunity to leverage the very best of U.S-Nigeria relationship, joined together by ties of blood, education, investment and other factors to unite it. Economy Diversification: Nigeria must emulate Gulf countries – Buhari. An attempt is made here to empirically rationalize the diversification of the Nigerian economy with its recent cabotage policies forming the foundation of an economy that emphasizes on shipping and associated mining and agricultural industries for the majority of its revenue. Though its emergence in Nigeria’s traded goods bundle was greeted with great hopes, which has sufficed, it appears as nothing beyond hope was envisaged. And respond favourably to the emerging challenges of the 21st century”. the benefits of the paradigm shift from the traditional naive diversification strategy. This calls for the need to diversify the economy. “In the same vein, it will boost the economy and solve the ‘hydra – headed’ problem of unemployment in Nigeria with its multiplier employment effect”, he … Economic diversification. Economic Diversification Key To Nigeria’s Survival- AfDB. A lack of economic diversification is often associated with increased vulnerability to external Muttaka (2015) examined the effect of Nigeria's oil dependency on economic growth. This means that should the price of oil drop or the price of grain plummet, the region's economy will remain insulated from the chilly economic conditions that are blowing. Economic diversification is vital to countries' long-term economic growth, but many resource-rich nations fail to expand their sources of income beyond oil, gas and mining. Oil makes over 80 percent of all the country’s revenue and the exportation of crude oil brings nearly 98 percent of all the export earnings. The circular economy model can revolutionize our economy if well harnessed, it can become a guiding force in livelihood, business, and government particularly diversification of the economy. Revised, April 2016 ... producer in Africa after Nigeria. Economic diversification is vital to countries’ long-term economic growth, but many resource-rich countries remain heavily reliant on revenues generated by mining or oil production. Economic Diversity and Sustainable Development Economic diversification is a process of broadening the range of economic activities both in the production and distribution of goods and services. This industry is what brings the most revenue to the government. Nigeria inclusive, and is likely to continue in the years to come, as technology penetrates and fosters vital changes in all sectors and dimensions of human life and condition. It is crucial that government do not believe that oil provides an endless source of revenue. Other sectors could benefit from the reforms and regulation that boosted investment in telecommunication. Similarly, the broad vision of the Economic Recovery and Growth Plan (ERGP) of Nigeria is to turn around the country’s economic performance and lay the foundations for sustained inclusive growth. Many initiatives can be introduced aimed to promote a circular economy in Nigeria. Yet, it was facing some headwinds already before the Covid-19 crisis, with growth of only +2.3% in 2019. Economic diversification strives to smooth out unsystematic risk events in a portfolio so that the positive performance of some investments will neutralize the negative performance of others. “In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. Financial benefits are targeted at the farm or family level, with increases in production and income (Kenya, Viet Nam). June 30, 2020. As countries like Nigeria, Angola, Gabon, Congo or Equatorial Guinea deal with unprecedented lows in oil prices and struggle to keep their economies afloat, the current downturn could well be the historic turning point these economies need to seriously put diversification at the top of economic policies priorities. Summary. 3 min read. One of the likely ‘gains’ of the Coronavirus (Covid-19) pandemic that has been ravaging the world since the dawn of 2020 is the expectation that the plague might drive a country like Nigeria into effective diversification of its economy. Economic diversification. By Ikenna Uwadileke Abuja, Sept. 16, 2020 The Ministry of Finance, Budget and National Planning says application of natural capital accounting to the country’s planning process is critical to a Revised, April 2016 ... producer in Africa after Nigeria. Economic diversification does not mean moving away from extractives, but rather to optimise the growth in other sectors to protect the economy from negative shocks," Gayle noted. This initiative can transform Nigeria’s current informal and hazardous recycling in some quarters into a formally legislated system that benefits all actors, stakeholders, and investors. Economies heavily dependent on natural resources can face serious challenges in sustaining growth because of swings in prices for those resources. According to him, Nigeria has the opportunity to leverage the very best of U.S-Nigeria relationship, joined together by ties of blood, education, investment and other factors to unite it. The African Development Bank, AfDB, has called on Nigeria to take seriously the policy direction that will help in the diversification of her economy as that is Key to ensuring and enhancing overall development of the country. Bashir Jamoh, director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA) has identified maritime as a sector that offers Nigeria the opportunity to drive economic diversification agenda. Ministers Seek Solutions to Insecurity in the North-Central Nigeria; Emergency Digest News. Our drive to contribute to economic diversification has paid off through our agricultural products which are ready for instant delivery! Developing Nigeria’s agriculture sector has left the realm of political sloganeering. Eneji Mathias Agri et al. inflation, deflation etc. It is crucial that government do not believe that oil provides an endless source of revenue. We supply Dangote Cement at the most cut-rate price across Nigeria with additional perks and benefits such as free transportation and regular promotions. “We all have a secret opportunity to do well alone and to do good together. No Comments on Sports as part of Nigeria’s economic diversification During my childhood and teenage years, my younger brothers and I were very fond of soccer. Bashir Jamoh, director-general of the Nigerian Maritime Administration and Safety Agency (NIMASA) has identified maritime as a sector that offers Nigeria the opportunity to drive economic diversification agenda. For decades, the mantra of ‘economic diversification’ characterized attempts to reverse Nigeria’s dependence on oil with little real progress. As countries like Nigeria, Angola, Gabon, Congo or Equatorial Guinea deal with unprecedented lows in oil prices and struggle to keep their economies afloat, the current downturn could well be the historic turning point these economies need to seriously put diversification at the top of economic policies priorities. The second quarter 2020 Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS) revealed that the contribution of mining to the economy was minimal. employed in this paper. In his keynote address delivered virtually at the 19th meeting of the National Council on Development Planning Nigeria, a mono economy country, generates eighty percent of the nation’s foreign exchange and remains heavily dependent on crude oil. Economy Diversification: Nigeria must emulate Gulf countries – Buhari. One of the top benefits of a diversified economy is that it is flexible and not fixed. The industry has emerged from being merely the “supportive” economic sector it was in the 1960’s to the predominant source of foreign exchange and most viable access to international investment opportunities in the 80’s and 90’s, 3 no other resources in Nigeria has played such a towering role over the national economy as crude oil. We supply Dangote Cement at the most cut-rate price across Nigeria with additional perks and benefits such as free transportation and regular promotions. Infrastructural Deficit, Infrastructural Development, Infrastructural Finance, Economic diversification can bring about many benefits such as expanding the export base of the country. While the country remains ‘a huge investment opportunity’, the path to total recovery, most people agree, is to […] Economic diversification requires investment in infrastructure. Corpus ID: 55089947. The agreement was brokered by the African Union (AU) and was initially signed by 44 of its 55 member states in Kigali, Rwanda on March 21, 2018. Promoting Economic Diversification and International Competitiveness in Angola . Posted on May 25, 2016 May 25, 2016 Author Williams Osewezina Categories Headlines Tags Diversification of Nigeria's economy, Mr. Gu Xiaojie, Nigeria, … “Diversification Of Nigeria’s Economy; Impact Of Tourism On Sustainable Development In Nigeria” 37 International Journal of Research in Humanities and Social Studies V3 I5 May 2016 in this boom, increasing from 30% in 1980 to 47% in … However, with tourism still at its infancy, Nigeria stands to benefit from diversifying the nation’s economy through tourism. The government’s diversification agenda, succinctly articulated in the Economic Recovery and Growth Plan, is expected to focus attention on this important sector and drive its growth. While the benefits of economic diversification are generally acknowledged and virtually all oil and gas-rich countries including Nigeria are and have been for decades rhetorically committed to the policy of economic diversification, and have allocated significant … It is crucial that government do not believe that oil provides an endless source of revenue. We’ll ensure Nigeria benefits hugely from its vast natural resources – Buhari. And respond favourably to the emerging challenges of the 21st century”. However, with tourism still at its infancy, Nigeria stands to benefit from diversifying the nation’s economy through tourism. A new economic analysis says the country would benefit from policies that promote diversification and long-term inclusive growth. A new economic analysis says the country would benefit from policies that promote diversification and long-term inclusive growth. Eneji Mathias Agri et al. For example, increasing the female employment rates in OECD countries to match that of Sweden, could boost GDP by over US$6 trillion, recognizing, however, that. Diversification of the Nigerian economy is what the country needs in the 21st century. This thinking emanates from Nigeria’s current economic plan targets diversification through leveraging the power of the private sector in order to enable and fast‐track business investments and job creation. Yaounde, 11 June 2021 (ECA) – A new comprehensive, segmented and dynamic framework to inform the formulation of sub-regional and national industrialization and economic diversification masterplans (PDIDE, in French) has taken root in Central Africa, with the aim of turning the zone into a poly-hub for green growth and net-zero industrialization in multiple sectors such as Economic benefits are often realized at the community level in terms of agricultural diversification (such as IFAD's work in Turkey), protecting productive lands and facilities (Bangladesh) or climate risk management (Bolivia). My research explores the link between political institutions, economic policy and economic development. Diversification of the Nigerian Economy: Maximizing Nigerian Agricultural Potentials By Professor S. C. Achinewhu and Dr. Helen Opigo Date: Time: 12.15pm Venue: Unity Hall Government House Asaba 1.O Executive Summary 1.1 The Decline of Agriculture as the Mainstay of the Economy Agriculture between 1960 and 1965 was the mainstay of Nigeria’s economy, contributing up to… So over the next couple of weeks, I shall be doing a series on economic diversification. Diversification of the Nigerian Economy: Maximizing Nigerian Agricultural Potentials By Professor S. C. Achinewhu and Dr. Helen Opigo Date: Time: 12.15pm Venue: Unity Hall Government House Asaba 1.O Executive Summary 1.1 The Decline of Agriculture as the Mainstay of the Economy Agriculture between 1960 and 1965 was the mainstay of Nigeria’s economy, contributing up to… Eneji Mathias Agri et al. 2. Economic diversification requires investment in infrastructure. Economic diversification on the other hand is essential for developed and developing countries (like Nigeria) to foster structural transformation, create jobs, increase national competitiveness and … Maritime offers Nigeria opportunity to drive economic diversification, says Jamoh. During my childhood and teenage years, my younger brothers and I were very fond of soccer. The dire need for economic diversification Over the past decade, the Nigerian economy registered +4.8% growth on average, which was mainly sustained by the performance of hydrocarbon sector. Diversification is … Economic diversification is vital to countries' long-term economic growth, but many resource-rich nations fail to expand their sources of income beyond oil, gas and mining. Nigeria - Mineral Sector Support for Economic Diversification Project (MinDiver) Project description: This project will enhance the mining sector’s contribution to the economy by strengthening key government institutions, improving information infrastructure and knowledge, and fostering domestic investment in the sector. “Diversification Of Nigeria’s Economy; Impact Of Tourism On Sustainable Development In Nigeria” 37 International Journal of Research in Humanities and Social Studies V3 I5 May 2016 in this boom, increasing from 30% in 1980 to 47% in … Economic Diversity and Sustainable Development Economic diversification is a process of broadening the range of economic activities both in the production and distribution of goods and services.

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