DIVERSIFICATION OF THE NIGERIAN ECONOMIC IN THE MIDST OF RECESSION: THE NEED TO GO BEYOND THE RHETORIC

Abstract

Nigeria became independent in 1960. Since her birth as a nation, the country has faced enormous economic challenges that deprived her of desire development. This phenomenon is not unconnected to the mono-cultural status of the nation's economy. This paper looks at the present administration efforts to diversify the Nigerian economy amidst recession. Secondary and primary data are used as a method of analysis. The work observed that overdependence on the oil over the year was a major contributory factor to the country's recessed economy. Rhetorically, government has pay lip service to the transformation of Nigerian economy from mono-cultural to multicultural economy taking in to consideration the country's non-oil abundant natural resources. This however did not translate to reality as proceed from oil is still taking a centre stage in Nigerian economy. It is therefore the recommendations of this paper that government should go beyond the diversification rhetoric and face agriculture, solid minerals and tourism.