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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

    as
    1. Hausmann, Ricardo & Hidalgo, Cesar A., 2010. "Country Diversification, Product Ubiquity, and Economic Divergence," Working Paper Series rwp10-045, Harvard University, John F. Kennedy School of Government.
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    3. Jean Imbs & Romain Wacziarg, 2003. "Stages of Diversification," American Economic Review, American Economic Association, vol. 93(1), pages 63-86, March.
    4. Margaret S. McMillan & Kenneth Harttgen, 2014. "What is driving the 'African Growth Miracle'?," NBER Working Papers 20077, National Bureau of Economic Research, Inc.
    5. SI Ikhide & AA Alwode, 2002. "On The Sequencing Of Financial Liberalisation In Nigeria," South African Journal of Economics, Economic Society of South Africa, vol. 70(1), pages 95-127, March.
    6. Olivier Cadot & Céline Carrère & Vanessa Strauss-Kahn, 2011. "Export Diversification: What's behind the Hump?," The Review of Economics and Statistics, MIT Press, vol. 93(2), pages 590-605, May.
    7. Taye Mengistae & Catherine Pattillo, 2004. "Export Orientation and Productivity in Sub-Saharan Africa," IMF Staff Papers, Palgrave Macmillan, vol. 51(2), pages 1-6.
    8. Wim Naudé & Riaan Rossouw, 2008. "Export Diversification and Specialization in South Africa: Extent and Impact," WIDER Working Paper Series RP2008-93, World Institute for Development Economic Research (UNU-WIDER).
    9. Lennart Petersson, 2005. "Export Diversification And Intra‐Industry Trade In South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 73(4), pages 785-802, December.
    10. T.P.Ogun & A.E.Akinlo, 2011. "Financial Sector Reforms and the Performance of the Nigerian Economy," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 3(1), pages 047-060, June.
    11. Rabah Arezki & Frederick van der Ploeg, 2007. "Can the Natural Resource Curse Be Turned into a Blessing? The Role of Trade Policies and Institutions," Economics Working Papers ECO2007/35, European University Institute.
    12. Dierk Herzer & Nowak-Lehnmann Felicitas, 2006. "What does export diversification do for growth? An econometric analysis," Applied Economics, Taylor & Francis Journals, vol. 38(15), pages 1825-1838.
    13. Cramer, Christopher, 1999. "Can Africa Industrialize by Processing Primary Commodities? The Case of Mozambican Cashew Nuts," World Development, Elsevier, vol. 27(7), pages 1247-1266, July.
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    More about this item

    Keywords

    Economic diversification; economic growth; economic development; Nigeria; Africa.;

    JEL classification:

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

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