IMPLICATIONS OF NEGLECTING NON-OIL EXPORTS IN NIGERIA
Abstract
Since the large scale discovery oil, the Nigerian economy has become monocultural, depending largely on oil for her revenue and source of foreign exchange earnings. The hitherto boosting agriculture sector, and the growing industrial sector, was relegated to the background. This study explored the performance of non-oil sectors, particularly agriculture and manufacturing sectors, in Nigeria from 1960 till date. The data obtained from Central Bank of Nigeria, national Bureau of Statistics and World Bank Data portal show that the contributions of agricultural and manufacturing sectors to Nigerian export revenue have not been encouraging since the oil glut of 1970s. We further discussed the socioeconomic implications of neglecting non-oil sector in Nigeria, and proffer possible solutions to salvage the economy from the present economic doldrums.
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