Please use this identifier to cite or link to this item: http://repository.unizik.edu.ng/handle/123456789/685
Title: Identifying Domestic Macroeconomic Drivers for Economic Diversification in Nigeria
Authors: Nwokoye, Ebele Stella
Uwajumogu, Nkechinyere Rose
Dimnwobi, Stephen Kelechi
Keywords: Crude oil
Economic Diversification
Macro-economy
Nigeria
Revenue stream
Issue Date: Jan-2019
Publisher: Dynamic Research Journals (DRJ)
Citation: Dynamic Research Journals; Volume 4, Issue 1, pp: 01-08
Abstract: Evidences in the literature show that Nigeria’s consumptionist nature as well as its heavy dependence on crude oil income streams, have created room for growing unemployment, inflation and poverty rates as well as the recent shrink in its GDP growth rate. More so, the unpredictable movements in global oil price demonstrate the need for Nigeria to diversify its revenue streams in order to remain relevant and ranked amongst the vigorous economies of Africa. Based on the United Nations Industrial Organization (UNIDO)/World Bank success yardsticks and with its theoretical framework rooted in the endogenous growth model, this paper interrogated the domestic macroeconomic drivers of economic diversification in Nigeria. Employing time series for the period 1981 to 2016 data from the World Development Indicators, the study found that the drivers of economic diversification were improved infrastructure, increased credit from financial sector, reduction in lending rate and increased domestic investment while deterrents of diversification were over dependence on natural resources, trade openness, school enrollment, exchange rate depreciation and the size of the economy. We recommended deliberate and conscious policies to reduce the over dependence of the economy. These include fiscal federalism (aimed at eliminating non-inclusive growth) and increased transparency in the extractive industry. We also recommended increased investment in infrastructure (aimed at reducing transmission and distribution losses) and developments in the financial sector (so as to make cheap credit facilities available to domestic investors).
Description: scholarly work
URI: www.dynamicreseachjournals.org/jef
http://repository.unizik.edu.ng/handle/123456789/685
ISSN: 2520-7490
Appears in Collections:Scholarly Works

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