Although this was a big challenge overdependence on oil for the economy of Nigeria, steps are being made toward diversification. In 2024 non-oil exports in such sectors as agriculture and solid minerals have grown and constitute one of the key contributors to the country's revenue. Agriculture export leaped 123% this year, while non-oil sectors generated $2.7 billion in the first half of 2024.
While diversification is important, it's definitely not as easy as just moving into other industries. Infrastructure in Nigeria is not very good, moreover there are some regulatory challenges, and insecurity that could slowing down the development. What needs to be done by the government is fix those areas if it wants this to have a lasting effect and decrease reliance on oil.
Topic: Economic Diversifixation the way forward for Nigerian Economy problem - page 2. (Read 197 times)
October 02, 2024, 01:13:01 AM
October 01, 2024, 02:25:25 PM
What do you guys say's about this.
While I commend you for raising a vital topic for discussion, I would however tell you that it is in the wrong board. We have a Nigerian board where this topic suits it's audience. Please move it there.For until Nigerian government diversify the Nigerian Economy Nigeria as a nation will not make any meaningful progress Economically
The Nigerian Economy is diversified but we don't see it because the leaders are very corrupt. They siphon the monies for the other sectors and impoverish it. And because they know that there is no consequences for that they continue. October 01, 2024, 02:22:13 PM
With the Nigerian Economy centered around one source which is being oil there's need for Dievasifixation of the Nigerian Economy.
All over the world Nation's who have made progress in their Economies have been countries that produces and have different sources of Revenue.
Infact for any country in this Tweenty-fisrst century to be depending on only one source of income is a time bomb waiting to explode as there are allot of sectors in any nation where the government can tap into.
Looking at Nigeria as a country which is a mono economy that depends on oil sell to run it's Economy it is over due for the government to look inward and start tapping and investing in other area's where the country have advantage such as Agriculture, Tourism, Entrainment, Solid minerals like Gold, Copper, Silver Etc.
For until Nigerian government diversify the Nigerian Economy Nigeria as a nation will not make any meaningful progress Economically
What do you guys say's about this.
All over the world Nation's who have made progress in their Economies have been countries that produces and have different sources of Revenue.
Infact for any country in this Tweenty-fisrst century to be depending on only one source of income is a time bomb waiting to explode as there are allot of sectors in any nation where the government can tap into.
Looking at Nigeria as a country which is a mono economy that depends on oil sell to run it's Economy it is over due for the government to look inward and start tapping and investing in other area's where the country have advantage such as Agriculture, Tourism, Entrainment, Solid minerals like Gold, Copper, Silver Etc.
For until Nigerian government diversify the Nigerian Economy Nigeria as a nation will not make any meaningful progress Economically
What do you guys say's about this.
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