Many reasons have been advanced for the perilous state of … Diversification is … Policy conflict: The economic policies appears conflicting. 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. He seems to remain resolute to his plans, by broadening the tax base through the Federal Inland Revenue Service (FIRS), while pursuing agriculture and mining. Both high interest and tax rate has lowered Nigeria aggregate demand. “First, to insulate the economy from the risk of being vulnerable to a single commodity as the different oil price crashes have shown. Diversification Of The Nigerian Economy, Restructuring As First Principle, By Professor Akinyemi Onigbinde August 11, 2017 Admins Columns 0 (being the text of an Address delivered to the First Annual Conference of the Guild of Editors of Corporate Online Publishers(GOCOP) on Thursday, August 10, 2017 at the Renaissance Hotel, Ikeja, Lagos We have heard of ‘corruption’ as the cause, except that my ordinary level economics class taught me that recession is a factor of drop in productivity. We cannot understand why outside the poor agricultural policies in Nigeria. Inflation was in single digits in 2014, compared to about 12% in 2019. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. The African Development Bank (AfDB) has stated that economic diversification is the only viable option for Nigeria to survive the current global economic downturn occasioned by the COVID-19 pandemic. The If the president is serious about building a viable economy, he must encourage as a matter of priority the diversification of Nigeria’s economy. Economy of Nigeria. All values, unless otherwise stated, are in US dollars. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Many reasons have been advanced for the perilous state of the nation. Recent macroeconomic and financial developments Nigeria’s economy entered a recession in 2020, reversing three years of recovery, due to fall in crude oil prices on account of falling global demand and containment measures to fight the spread of COVID–19. Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, said economic diversification is currently constrained by many factors, including … Traditionally, it has been applied as a strategy to encourage positive economic growth and development. A typical broad base economic diversification can be that of Malaysia, a middle-income and oil producing country like Nigeria, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy through a diversified export economy. It is crucial that government do not believe that oil provides an endless source of revenue. ... Nigeria economy is in recession. The diversification of the economy has become a priority of the government at a time that the price of crude has continued to drop. How To Ensure Effective Diversity In The Nigerian Economy. We need alternative non-oil sources of revenue to boost the economy. Prospects of Revenue Allocation in Nigeria. Before the 2016 recession, Nigeria’s economy was growing fast at 6.3%. This industry brings the most export earnings. It is the only viable way to survive the current environment of global economic uncertainty with the volatility of oil price. A diverse workforce drives economic growth. Diversification in the present Nigerian economic context simply means creating new avenues for economic growth. The situation has Generally, in the economic literature, economic measures of diversi cation can be 1Corresponding Author (Economics Unit) Distance Learning Institute, University of Lagos; loyelami@yahoo.com. Many reasons have been advanced for the perilous state of the nation. The implication of this has been poor impact of the agriculture on Nigerian economy. First, the volatility of the international oil market with the attendant volatility of government revenue gives credence to any argument for diversification of exports. With the prolonged downturn in oil prices, more than ever, it is imperative for Nigeria to move from being a mono-product economy to one with a more diverse revenue base. The study evaluates the performance of Nigeria’s export promotion strategies as to whether they have been effective in diversifying the productive base of the Nigerian Economy from Crude oil as the major source of foreign exchange. Since the late 1960s it has been based primarily on the petroleum industry. The general government fiscal deficit was 4.4% of GDP in 2019, compared to 1.8% in 2014. For decades, the mantra of ‘economic diversification’ characterized attempts to reverse Nigeria’s dependence on oil with little real progress. Nigerian economy. WHO WANTS TO DO – LOOKS FOR OPPORTUNITY, WHO DOES NOT WANT TO DO – LOOKS FOR THE REASONS (Soviet folk proverb) UNIG HOLDINGS is a group of investment companies set up to develop industrial sectors of the Nigerian economy, attract and integrate new technologies, create jobs, restore moribund industrial systems, plants and factories whilst creating new enterprises. The over dependence on oil has stunted economic development and is no longer sustainable. We have heard of ‘corruption’ as the cause, except that my ordinary level economics class taught me that recession is a factor of drop in productivity. However, at the turn of oil boom in the 70s, the constitution had stipulated what percentage should go for each state of the federation. Diversification of Nigeria Economy : We Need Techs more than Agric !e - Politics - Nairaland ... then the diversification our Economy deserve is heavy investment in Mathematics, Engineering, Research and Science, and of course Information technology. It must be ... diversification. State five reasons why the Nigerian economy should be diversified; Describe Nigeria’s economy as mono product and import oriented economy. Africa’s richest man, Alhaji Aliko Dangote, yesterday gave a poignant verdict on efforts by successive governments to transform the nation’s economy, saying that Nigeria’s economy is not working. Nigeria is a resource-rich country, but the focus has been on the production and exportation of crude oil and oil products. examines the performance of non – oil exports over the years as well as the reason for that pattern and level of performance. slow policy decision and diversification President Buhari said before and after his election into office that he was going to diversify the Nigerian economy away from oil. With the prolonged downturn in oil prices, more than ever, it is imperative for Nigeria to move from being a mono-product economy to one with a … In the 70s then, there was derivation … 3. The talk of focusing on non-oil revenue #1 Nigeria Needs to Diversify Her Economy in Order to Achieve Economic Stability: The concept of … Nigeria’s quest to diversify its economy is not new as it began with independence in 1960. Let us put it like this: the issue of diversification is a recognition of a fact and a presumption that a mono-culture economic practice is bad, as it is susceptible to vicissitudes of market forces, to the extent that, if a product is no longer viable, or no more valuable to consolidated consumers, the single-product economy suffers. What is inexcusable is the fact that no real understanding of the crisis has managed to show through Godwin Emefiele, governor of … The latest indicators on the economic performance of Nigeria coupled with shocks in the global economy re-echo how vital diversifying the Nigerian economy is. This denotes that if Nigeria is to double her GDP by the golden rule of 70, it will take Nigeria about 35 years while her population will double in less than 24 years explaining a widening disparity and the reason … Economic growth rates have slowed from a position where Nigeria was one of the fastest growing economies in the world. For the oil sector, it noted that Nigeria could do little about international prices, but It must focus on increased production and local processing since the sector by itself and through its inter-linkages with many other sectors of the economy can contribute to both growth and diversification. Sadly, the development focus of government has not significantly impacted on the economy, and agriculture is not an exception. To effectively manage the various sectors in the Nigerian economy and attain maximum efficiency in the diversification efforts, six things must be considered and taken adequately well of. Prof. Danbatta made this assertion in his presentation to Course 29 Participants at the National Defence College, Nigeria, on Monday. looking into diversification of the economy into the agricultural sector so as to attain solid economic growth. For these reasons, the number of Nigerian students attending Canadian institutions increased from 2,825 in 2009 to 11,985 in 2019.” Along with Canada, the US, Ireland, and Australia are all seeing Nigerian student numbers increase in recent years. THE NIGERIAN ECONOMY By Eskor TOYO* The crisis in the Nigerian economy has evoked a lot of responses.
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