Economic Diversification and National Development in Nigeria : Challenges and Prospects

Nigeria runs a mono- cultural economy as 85 percent of her revenue is derived from oil and gas export. This require the involvement of "Financial Diversification and National Development in Nigeria." Despite a few measures in diversifying the Nigerian economy from reliance on the raw petroleum to advancement in the non-oil divisions, Nigeria still remains immature. Thus, the exploration investigated the degree to which the measures to help non-oil export has been compelling in enhancing the beneficial base of the Nigerian economy for national advancement. The principal target of this examination, subsequently, was to look at the impact of economic diversification on national advancement in Nigeria. The investigation observed that the Nigerian economy has not essentially gravitated towards the non-oil sector for national improvement. A part of the difficulties highlighted in the investigation include over specialization, poor policy makers and policies instruments, poor infrastructure, corruption, and lack of education. Some strategies identified for economic diversification include: regional mix, proper strong supportive structure, (political dependability, inner security, solid education framework), attitude change, openness, macroeconomic policy,and institutional matters, changing and boosting of the agricultural sector, strengthening the manufacturing sector, and strengthening anticorruption campaign. A portion of the prospects is in the area of basic infrastructural reserves, dispensing of credit to agriculture, empowering interest in strong minerals just as national science investigates innovation and subsidize development. Various procedures incorporate infrastructural advancement, expand access to subsidy, and improve business condition, mechanical advancement, and human capital advancement