The effort of the federal government to achieve economic growth through diversification may not be getting all the necessary support it requires as core sectors identified to achieve economic diversification are not getting funds from banks, reports Bamidele Famoofo
Diversification
There is no doubt that petroleum (crude oil) has contributed substantially to Nigerian revenue since its discovery in 1956 and more especially, since 1970, when its price was on the upward trend. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified.
“Diversification does not occur in a vacuum. Mono-economy needs to give way to the productive development of various sectors of the economy”, Economics Lecturer, Chinecherem Uzonwanne, at Nnamdi Azikiwe University,…
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