Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis

Ighorhiohwunu Aghogho Victory; Igbesi Emeke Francis

doi:doi:10.11648/j.ijeee.20220702.12

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Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis

Ighorhiohwunu Aghogho Victory, Igbesi Emeke Francis

Published in International Journal of Economy, Energy and Environment (Volume 7, Issue 2)

Received: 14 February 2022 Accepted: 14 March 2022 Published: 29 March 2022

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Abstract

No doubt that Nigeria’s mono-cultural commodity-petroleum has contributed tremendously to the Nigerian revenue sustainability and economic growth before its’ floundering occasioned by unstable global market and volatile oil price; and the impact of COVID-19 pandemic in the oil sector. Government acute attention to the petroleum commodity has been to the detriment of other sectors of the economy, already relegated to the background. The recent decline and continuous unprecedented dwindling exchange rate of the Naira to other currencies has further triggered the present economic crisis. To obviate the economic challenges from skyrocketing into a more complex pulverized state requires all hands to be on desk to restrategise the recovery of the Nigeria’s economy from its current crisis. One pivotal administrative strategic tool for recovery is diversification, it does not occur in a vacuum. Nigeria mono-cultural economy need to pave way for diversification because it requires several strategies which include investment promotion, spatial policies, economic clusters, advancement of SMEs, mixed-economy and attitudinal change. Effective utilization and promotion of these strategies will yield tremendous economy growth and booming for stable and sustainable development. This paper adopted the qualitative research design and data obtained from secondary sources; as it attempt to enhance a viable economy in Nigeria with diversification strategies.

Published in	International Journal of Economy, Energy and Environment (Volume 7, Issue 2)
DOI	10.11648/j.ijeee.20220702.12
Page(s)	38-44
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Diversification, Economy Diversification, Economic Crisis

References

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APA Style

Ighorhiohwunu Aghogho Victory, Igbesi Emeke Francis. (2022). Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis. International Journal of Economy, Energy and Environment, 7(2), 38-44. https://doi.org/10.11648/j.ijeee.20220702.12

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ACS Style

Ighorhiohwunu Aghogho Victory; Igbesi Emeke Francis. Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis. Int. J. Econ. Energy Environ. 2022, 7(2), 38-44. doi: 10.11648/j.ijeee.20220702.12

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AMA Style

Ighorhiohwunu Aghogho Victory, Igbesi Emeke Francis. Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis. Int J Econ Energy Environ. 2022;7(2):38-44. doi: 10.11648/j.ijeee.20220702.12

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@article{10.11648/j.ijeee.20220702.12,
  author = {Ighorhiohwunu Aghogho Victory and Igbesi Emeke Francis},
  title = {Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis},
  journal = {International Journal of Economy, Energy and Environment},
  volume = {7},
  number = {2},
  pages = {38-44},
  doi = {10.11648/j.ijeee.20220702.12},
  url = {https://doi.org/10.11648/j.ijeee.20220702.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijeee.20220702.12},
  abstract = {No doubt that Nigeria’s mono-cultural commodity-petroleum has contributed tremendously to the Nigerian revenue sustainability and economic growth before its’ floundering occasioned by unstable global market and volatile oil price; and the impact of COVID-19 pandemic in the oil sector. Government acute attention to the petroleum commodity has been to the detriment of other sectors of the economy, already relegated to the background. The recent decline and continuous unprecedented dwindling exchange rate of the Naira to other currencies has further triggered the present economic crisis. To obviate the economic challenges from skyrocketing into a more complex pulverized state requires all hands to be on desk to restrategise the recovery of the Nigeria’s economy from its current crisis. One pivotal administrative strategic tool for recovery is diversification, it does not occur in a vacuum. Nigeria mono-cultural economy need to pave way for diversification because it requires several strategies which include investment promotion, spatial policies, economic clusters, advancement of SMEs, mixed-economy and attitudinal change. Effective utilization and promotion of these strategies will yield tremendous economy growth and booming for stable and sustainable development. This paper adopted the qualitative research design and data obtained from secondary sources; as it attempt to enhance a viable economy in Nigeria with diversification strategies.},
 year = {2022}
}

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TY  - JOUR
T1  - Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis
AU  - Ighorhiohwunu Aghogho Victory
AU  - Igbesi Emeke Francis
Y1  - 2022/03/29
PY  - 2022
N1  - https://doi.org/10.11648/j.ijeee.20220702.12
DO  - 10.11648/j.ijeee.20220702.12
T2  - International Journal of Economy, Energy and Environment
JF  - International Journal of Economy, Energy and Environment
JO  - International Journal of Economy, Energy and Environment
SP  - 38
EP  - 44
PB  - Science Publishing Group
SN  - 2575-5021
UR  - https://doi.org/10.11648/j.ijeee.20220702.12
AB  - No doubt that Nigeria’s mono-cultural commodity-petroleum has contributed tremendously to the Nigerian revenue sustainability and economic growth before its’ floundering occasioned by unstable global market and volatile oil price; and the impact of COVID-19 pandemic in the oil sector. Government acute attention to the petroleum commodity has been to the detriment of other sectors of the economy, already relegated to the background. The recent decline and continuous unprecedented dwindling exchange rate of the Naira to other currencies has further triggered the present economic crisis. To obviate the economic challenges from skyrocketing into a more complex pulverized state requires all hands to be on desk to restrategise the recovery of the Nigeria’s economy from its current crisis. One pivotal administrative strategic tool for recovery is diversification, it does not occur in a vacuum. Nigeria mono-cultural economy need to pave way for diversification because it requires several strategies which include investment promotion, spatial policies, economic clusters, advancement of SMEs, mixed-economy and attitudinal change. Effective utilization and promotion of these strategies will yield tremendous economy growth and booming for stable and sustainable development. This paper adopted the qualitative research design and data obtained from secondary sources; as it attempt to enhance a viable economy in Nigeria with diversification strategies.
VL  - 7
IS  - 2
ER  -

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Author Information

Ighorhiohwunu Aghogho Victory

Department of Public Administration, Delta State Polytechnic, Ogwashi-Uku, Nigeria
Igbesi Emeke Francis

Department of Public Administration, Delta State Polytechnic, Ogwashi-Uku, Nigeria

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Plain Text BibTeX RIS

APA Style

Ighorhiohwunu Aghogho Victory, Igbesi Emeke Francis. (2022). Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis. International Journal of Economy, Energy and Environment, 7(2), 38-44. https://doi.org/10.11648/j.ijeee.20220702.12

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ACS Style

Ighorhiohwunu Aghogho Victory; Igbesi Emeke Francis. Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis. Int. J. Econ. Energy Environ. 2022, 7(2), 38-44. doi: 10.11648/j.ijeee.20220702.12

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AMA Style

Ighorhiohwunu Aghogho Victory, Igbesi Emeke Francis. Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis. Int J Econ Energy Environ. 2022;7(2):38-44. doi: 10.11648/j.ijeee.20220702.12

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@article{10.11648/j.ijeee.20220702.12,
  author = {Ighorhiohwunu Aghogho Victory and Igbesi Emeke Francis},
  title = {Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis},
  journal = {International Journal of Economy, Energy and Environment},
  volume = {7},
  number = {2},
  pages = {38-44},
  doi = {10.11648/j.ijeee.20220702.12},
  url = {https://doi.org/10.11648/j.ijeee.20220702.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijeee.20220702.12},
  abstract = {No doubt that Nigeria’s mono-cultural commodity-petroleum has contributed tremendously to the Nigerian revenue sustainability and economic growth before its’ floundering occasioned by unstable global market and volatile oil price; and the impact of COVID-19 pandemic in the oil sector. Government acute attention to the petroleum commodity has been to the detriment of other sectors of the economy, already relegated to the background. The recent decline and continuous unprecedented dwindling exchange rate of the Naira to other currencies has further triggered the present economic crisis. To obviate the economic challenges from skyrocketing into a more complex pulverized state requires all hands to be on desk to restrategise the recovery of the Nigeria’s economy from its current crisis. One pivotal administrative strategic tool for recovery is diversification, it does not occur in a vacuum. Nigeria mono-cultural economy need to pave way for diversification because it requires several strategies which include investment promotion, spatial policies, economic clusters, advancement of SMEs, mixed-economy and attitudinal change. Effective utilization and promotion of these strategies will yield tremendous economy growth and booming for stable and sustainable development. This paper adopted the qualitative research design and data obtained from secondary sources; as it attempt to enhance a viable economy in Nigeria with diversification strategies.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Diversification: The Recovery Strategy for the Nigeria’s Economic Crisis
AU  - Ighorhiohwunu Aghogho Victory
AU  - Igbesi Emeke Francis
Y1  - 2022/03/29
PY  - 2022
N1  - https://doi.org/10.11648/j.ijeee.20220702.12
DO  - 10.11648/j.ijeee.20220702.12
T2  - International Journal of Economy, Energy and Environment
JF  - International Journal of Economy, Energy and Environment
JO  - International Journal of Economy, Energy and Environment
SP  - 38
EP  - 44
PB  - Science Publishing Group
SN  - 2575-5021
UR  - https://doi.org/10.11648/j.ijeee.20220702.12
AB  - No doubt that Nigeria’s mono-cultural commodity-petroleum has contributed tremendously to the Nigerian revenue sustainability and economic growth before its’ floundering occasioned by unstable global market and volatile oil price; and the impact of COVID-19 pandemic in the oil sector. Government acute attention to the petroleum commodity has been to the detriment of other sectors of the economy, already relegated to the background. The recent decline and continuous unprecedented dwindling exchange rate of the Naira to other currencies has further triggered the present economic crisis. To obviate the economic challenges from skyrocketing into a more complex pulverized state requires all hands to be on desk to restrategise the recovery of the Nigeria’s economy from its current crisis. One pivotal administrative strategic tool for recovery is diversification, it does not occur in a vacuum. Nigeria mono-cultural economy need to pave way for diversification because it requires several strategies which include investment promotion, spatial policies, economic clusters, advancement of SMEs, mixed-economy and attitudinal change. Effective utilization and promotion of these strategies will yield tremendous economy growth and booming for stable and sustainable development. This paper adopted the qualitative research design and data obtained from secondary sources; as it attempt to enhance a viable economy in Nigeria with diversification strategies.
VL  - 7
IS  - 2
ER  -

Copy | Download