ECONOMIC DIVERSIFICATION FOR ENHANCED PRODUCTIVITY AND NATIONAL DEVELOPMENT

Abstract

Economic diversification is the major solution to Nigeria’s economic challenges given the country’s diversely untapped natural and human resources. This work x-rayed some theoretical paths of economic development through economic diversification and placed the blame for Nigeria’s economic backwardness on political will and lack of commitment to national course of political leaders. A holistic approach to development was adopted in the theoretical framework used in this work that positively affects state, people and their relationship nationally and internationally. The theory encourages free trade policy, efficient competition and democratic features to liberalize productivity through various guided legislation in line with Globalized Quality Standard. The research design was descriptive of the observed trend in the economy. This study looked at the positive intentions of some interventionist programmes and policies of the Government which were short-lived. It also outlined some of the benefits of economic diversification. Recommendations were made based on diversification of an economy being the sub-structure that determines the effectiveness of super-structure.