Nigeria beyond Oil: Options for Sustainable Development
Journal Title: Saudi Journal of Business and Management Studies - Year 2017, Vol 2, Issue 12
Abstract
Abstract:Nigerian economy is largely dominated by a single commodity called crude oil or simply, oil. The management of revenues from this single commodity-driven oil sector has proven ineffective in driving the economy to the required level of development. As a result, the non-oil sector of the economy has been relegated to the background. This scenario, no doubt, indicates serious negative implications on the nation’s development equation after five decades of oil exploration activities in Nigeria. The problems inherent in this dominating single commodity are that it is not only subject to international price shocks and unfavourable quota arrangement but also depletion. The predicted rate of depletion of the oil reserve has cast doubt on the sustained development of the oil sector. Available statistics show that a good percentage of Nigerians live in abject poverty, unemployment is double-digit and productivity is at its lowest ebb. The economic development periscope of Nigeria has turned towards the non-oil sectors and the promotion of diversification. Diversification does not occur in a vacuum. The paper is purely based on literature from secondary sources, mostly review of available reports, studies and conference presentations, and also conceptual issues. The objective of this paper therefore is to seek possible ways of diversifying the productive base of Nigerian economy in order to achieve sustainable development. It zeros in on ‘agriculture’, ‘infrastructure’ and ‘human capital development’ as options for sustainable development in Nigeria. Keywords:Oil, development, sustainable development, diversification.
Authors and Affiliations
EzirimOnyekwere N
Keywords
Related Articles
- EP ID EP395951
- DOI -
- Views 113
- Downloads 0
A study on consumers’ motivating factors in shopping at organized retail outlets
Abstract: In the light of growing market opportunities for the organized retail stores the present study focused on motivating factors of organized retail customers towards these stores. The study considered four importa...
What Are the Islamic Bank Customers Attitude Determinants? A Literature Review
Abstract:The purpose of this paper is to identify the factors that influence the customers' Attitude to patronise Islamic bank by applying theory of planned behaviour. The literature on Islamic banking is extensive and f...
Zero-Based Budgeting is a Panacea to Fiscal Distress: Do the Perceived Benefits Significantly Influence its Adoption in Borno State?
Abstract:During the 1970’s the world’s economy began slowing even as government programs were growing as a result of fiscal distress, and Zero-Based Budgeting (ZBB) was seen as an attempt to rationally manage the size an...
The Influence of Selected Demographic and Business Characteristics on the Performance of Women Owned Microenterprises in Tanzania
Abstract: Performance of women owned microenterprises is a function of many factors including, but not limited, size of capital, access to credit, demographic factors and also a number of business characteristics. Howeve...
The Effect of Transformational Leadership and Work Environment to Employee’s Performance
Abstract:This study aims to determine the effect of transformational leadership and work environment on Employee’s performance. The object of this study was employees of PT Pegadaian branches Meruya West Jakarta. The pop...