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Economic Diversification in Nigeria: Lessons from other Countries of Africa

Author

Listed:
  • Dr. Aranilyar C. Isukul

    (Department of Banking and Finance, Rivers State University.)

  • Dr. John J. Chizea

    (Department of Economics, Baze University)

  • Dr. Ikechi Kelechi Agbugba

    (Department of Agricultural and Applied Economics, Rivers State University.)

Abstract

The global fall in oil prices has caused significant external shocks to developing countries whose sole reliance on oil has seen a drastic fall in revenues that accrues from oil sales. To address this issue, there have been renewed calls for developing countries to diversify their economies so as to protect, mitigate and reduce the external shocks that result from depending on a single source of revenue. Nigeria has made several attempts to heed that call. still, it has not been very successful in making that transition, although there are indications that it may be heading in that direction.

Suggested Citation

  • Dr. Aranilyar C. Isukul & Dr. John J. Chizea & Dr. Ikechi Kelechi Agbugba, . "Economic Diversification in Nigeria: Lessons from other Countries of Africa," Journal of Economic and Sustainable Growth 3, Office Of The Chief Economist, Development Bank of Nigeria.
  • Handle: RePEc:dbn:vo2is1:5003
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    References listed on IDEAS

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    More about this item

    Keywords

    Economic diversification; economic growth; economic development; Nigeria; Africa.;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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