Nigeria without Oil – A Critical and Emperical Evaluation and the Option of a Diversification Model
- Country : Nigeria
- Subject : Business Administration
For 56 years after her independence, Nigeria is still battling with the problem of underdevelopment. Part of the causes stems from inability of the country to harness adequately all the resources she has been gifted with. Nigeria has also failed to grow, develop and sustain her economy with overdependence on a single product – oil. In view of the above, this paper evaluates the nature of the Nigerian economy prior to the discovery of oil, examines the contributions of oil to the growth, development and sustainability of the economy. The current economic recession, its causes, and influences on the Nigerian citizens were discussed in full. The policy made by the present Federal Government of Nigeria and the strategies it designed to tackle the problems were presented and critically examined in line the strategies other countries apply in solving such problems. The paper also presented Nigeria’s unique model and strategies for revamping the ailing economy. The paper adopted qualitative descriptive research design to collect the qualitative data for the study while content analysis was used to analyze the data. The findings from the analysis show that really Nigeria has fallen into economic recession through her overdependence on oil and some of the negative models she applied in dealing with the recession. The conclusion is that since this is the case, there is need to find workable action-based entrepreneurial model to solve the problems once and for all and that is exactly what the paper did. Recommendations were based on the conclusion that Nigerian government should apply the model and strategies provided by this paper.