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Nigeria’s Mono-Cultural Economy: Impact Assessment and Prospects

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  • ITUMO Victor Nwaoba

Abstract

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.

Suggested Citation

  • ITUMO Victor Nwaoba, 2016. "Nigeria’s Mono-Cultural Economy: Impact Assessment and Prospects," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 02, June.
    • Handle: RePEc:jis:ejistu:y:2016:i:02:id:412
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    References listed on IDEAS

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    More about this item

    Keywords

    Nigeria; mono-culture; mono-cultural economy; oil; price volatility;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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