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DIVERSIFICATION OF NIGERIA ECONOMY THROUGH AGRICULTURAL PRODUCTION
Abstract:
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, it is a well-known fact that Nigeria’s continuous large earnings or revenue from this sector will be impossible due to the reduction in oil price. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified. Mono-economy needs to give way to the productive development of various sectors of the economy. As a matter of fact, there is an urgent need for the Nigerian government to begin looking into diversification of the economy into the agricultural sector so as to attain solid economic growth. These studies have shown that there exists a positive relationship between economic growth in Nigeria and diversification into the agricultural sector. Descriptive statistical method and correlation analysis was employed in this paper. This paper however, attempted to seek out how diversification of the economy will enhance stable and viable economic growth in Nigeria.
Keywords: Economic diversification, Agricultural production