THE DIVERSIFICATION OF NIGERIAN ECONOMY FOR SUSTAINABLE DEVELOPMENT: CHALLENGES AND POSSIBILITIES

Abstract

This study examines the importance of diversifying the Nigerian economy for
sustainable development and to see how that can liberate the country out of the
present economic challenges. The study relies on secondary source of data
collection and argues that the continuous dwindling revenue generation in Nigeria
particularly from the oil export has called for the diversification of the nation's economy.
It reveals that many state governments in Nigeria have been finding it difficult especially
towards the end of 2014 to even pay salaries of their public servants as a result of meager
revenue allocation from the Federation Account. The study concludes that the
diversification of the Nigerian economy should be given necessary attention it requires
considering the development challenges facing the country at the moment. It
recommends among others that governments at all levels in Nigeria should intensify
efforts towards investing more in human development to double the skills and
knowledge required to increase productivity and decrease import dependence which has
been putting unnecessary pressures on the exchange rate for the naira.