Beyond the Lure of Oil: Alternatives for the Sustainable Economic Development of Nigeria
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Date
2021-12
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Arts, Business and Science University College of the North Manitoba, Canada
Abstract
The free fall in the price of oil and the attendant reduction in revenue accruing to the government of Nigeria has engendered the need to look beyond the lure of oil and re-energise other sectors of the Nigerian economy. Developments in other parts of the world and vagaries in international economic system has shown the futility of relying on one primary product. In this paper, we wager that Nigeria is so endowed and has no business being poor if it can harness its potentials and diversify her economy. Relying on content analysis of available sources, we found out that when other oil blessed countries such as Kuwait imbibed Watts' (2012, p.1) "Capture oil rents and sow the oil reserves" counsel by using the petrodollars to develop and boost other sectors and thereby transmogrifying their economies and bettering the lot of their citizenry, Nigeria simply abandoned the lands/farms for the creeks. We recommend that government should revisit agriculture, industrialisation, entertainment and tourism in order to maximise the potentials of these sectors. It concludes that for the country to sail above its present economic quagmire, it is imperative to look beyond lure of oil and diversify fast to avert the imminent collapse of the economy.
Description
Keywords
Oil and Gas, Sustainable development, Diversification, Resource Curse, Oil wealth
Citation
Aghalino, S. O. and Aboyeji, A. J. (2021): Beyond the Lure of Oil: Alternatives for the Sustainable Economic Development of Nigeria. The Quint: An Interdisciplinary Quarterly from the North Manitoba, Canada, 14(1) (December); 109-130, Published by the Faculty of Arts, Business and Science University College of the North Manitoba, Canada. Available online at https://secureservercdn.net/192.169.220.85/fjf.851.myftpupload.com/wp-content/uploads/2022/03/The-Quint-v14.1 OR https://ucn.ca/the-quint-2/