Diversification of the Nigerian Economy for Sustainable Development: Issues and Challenges

Abstract

The paper examines the diversification of Nigerian Economy for sustainable development: issues and challenges. The main objective of this paper is to explain how the Nigerian economy engulfed in the problem of Dutch disease and how it can be diversified and sustained through plerotha of several resources endowed rather than over depending on oil and gas. This paper uses time series data obtained from CBN Statistical Bulletin, to provide a thorough assessment of the sectoral contribution to GDP based on economic sector of the Nigerian economy from 1960-2010.the paper explained that Nigerian economy is faced with the symptom of the Dutch disease syndrome looking at it’s over reliance on oil revenue and real sectors have not been accorded much concern and their contributions are low towards GDP. the paper also pointed out some of the challenges facing the diversification of the Nigerian economy, and give measures that will help in diversifying the economy which include: exploring other mineral resources, transforming and boosting the Agricultural sector, and strengthening the manufacturing sector among others.