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

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.