Diversification of Nigerian Economy; A Panacea of Economic Recession. How Economic Diversification Can Be Integrated Into Sustainable Development
- July 16, 2019
- Posted by: RSIS
- Category: Social Science
International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue VI, June 2019 | ISSN 2454–6186
Bashir Babangida Kurfi1, Professor Dr. Zakaria B. Abas2
1School of Othman Yeap Abdullah Graduate School of Business, Universiti Utara Malaysia Sintok, Malaysia.
2Universiti Utara Malaysia Sintok, Malaysia
Abstract: Recently, a remarkably recession engulfed the Nigerian state, the causes as well as sense of threat and uncertainty induced by the crisis have been differently interpreted, particularly from the macro-economic, leadership and strategic stand points. This study would focus on the impact of the economic recession on Nigeria in the socio-economic context, its concepts, causes and implications for the wider economy and the need for economic diversification and how it can be integrated into sustainable development. The study will use multiple regression analysis of time series data on selected macroeconomic variables in two econometric models. With the research findings; policy makers and regulatory agencies/bodies in the country such as Central Bank of Nigeria (CBN), Office of the Economic adviser and the Ministry of finance, would be well equipped to guard and guide against future occurrence, the study will synthesize technical information on the concepts and theories of economic diversification to enhance the understanding of the subject which could be very significant to students, researchers and scholars who are interested in developing further studies on the subject matter.
Keywords— Recession, Inflation, diversification, food security, unemployment, poverty, export, imports, Industrialization, Manufacturing and Economic Recovery, gross domestic product, and corruption
I. INTRODUCTION
The study will present the empirical findings on the impact of economic recession on macroeconomic stability in Nigeria; its concepts, causes and implications for the wider economy and the need for economic diversification and how it can be integrated into sustainable development. The Nigerian economy has been hit hard by a recession, caused by excessive imports, plunging oil revenue and sharply low investment inflows.
