ECONOMIC DIVERSIFICATION AND INDUSTRIAL GROWTH IN NIGERIA

Ikon Michael A.

Ikon Michael A. Department of Business Administration, Nnamdi Azikiwe University Awka, Anambra State, Nigeria

Keywords: Economic Diversification;, Industrial Growth, Gross Domestic Product.

Abstract

Nigeria’s inability to diversify its economy and relying on a monoproduct-crude oil for economic sustenance over past four decades has impeded Nigeria’s resilience over shocks occasioned by disruptive changes in international oil prices. The main objective of the study was to assess the extent of relationship existing between economic diversification and industrial growth in Nigeria. The study used time series data covering a period of 18years (2000-2017) extracted from Central Bank of Nigeria statistical bulletin and adopted ordinary least square (OLS) multiple regression model for data analysis. Findings of the study revealed that there is a statistical significant relationship between economic diversification and industrial growth in Nigeria. This implies that economic diversification could accelerate industrial growth in Nigeria. The study recommends to Nigerian policy makers to treat economic diversification as a priority in national economic plan in order to accelerate industrial growth and sustainability of Nigeria’s economy.

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