Studies and researches
Vol. 8 Issue 2 - 12/2016
Nigeria’s Mono-Cultural Economy: Impact Assessment and Prospects
The article takes an insight into the nature of the
oil based mono-cultural economy of Nigeria, providing an in-depth analysis of
the situation. It clearly assesses the oil resource based economy, highlights
the impacts- positive and negative on Nigeria’s economic development and why Nigeria
urgently needs to diversify its economy away from oil resource dependence. If
Nigeria will not change the oil dependency economy, there will be grave
implications for its economic growth and development as it already negatively
affects annual budgetary provisions and other fiscal responsibilities. As it is
well known, Nigeria is one of the foremost countries in the global oil export,
with disruptions in its supply affecting the international oil market in some
ways, huge reliance on oil as a resource has seen one of the foremost economies
in Africa challenged in her economic growth and development with oil price
volatility and decline on the global market. The research made use of secondary
data to assess the situation and also drew the conclusion that Nigeria needs to
diversify her economy as reliance on a basic resource discourages growth.
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Keywords:
Nigeria, mono-culture, mono-cultural economy, oil, price volatility
JEL:
O13
Nigeria, mono-culture, mono-cultural economy, oil, price volatility
JEL:
O13