economic diversification for sustainable development in nigeria
“In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. Implications of Economic Diversification for Sustainable Development in Nigeria: Lessons from Covid-19 Pandemic 12 International Journal of Research in Humanities and Social Studies V7 I9 2020 1978/79, 1980, 1990/91, 1999/2000, 2005, 2009, 2014/2015, 2020. Economic Diversification and Inclusive Growth. Sustainable Development; Spotlight; Home. With maritime now being positioned to play a central role in Nigeria’s economic … Economic Diversification and Inclusive Growth. What the AfDB said about diversification. The technical publication provides a comprehensive roadmap for national and sub-national governments, as well as … 4th November 2020. in Business. The role of technological innovation in sustainable economic development. Application of energy system models for designing a low-carbon society . Sustainable Development Goals. “In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. For rapid development in Nigeria, there is the need to move from the mono-based approach and tap into the huge opportunities available in solid mineral development. With the decline in global crude oil price from By minal pathak. With 189 member countries, staff from more than 170 countries, and offices in over 130 … Suleiman Idris June 11, 2021 12:23 pm 0. By Frone Simona. In spite of four decades of rapid economic growth, the Botswana economy continues to be less NEXIM Bank Forum Aligns With Government’s Strategic Objectives Of Economic Diversification, Job Creation – Finance Minister . Nigeria operates mono commodity (petroleum) based economy. Share on Facebook Share on Twitter. Development Projects : Nigeria: Mineral Sector Support for Economic Diversification Project (MinDiver) - P159761. Over the past 25 years the number of workers living in extreme poverty has declined dramatically, despite the lasting impact of the 2008 economic crisis and global recession. The 2014 rebasing of Nigeria’s Gross Domestic Product (GDP) made Nigeria … Lack of infrastructure, adequate financial resources, capacities in terms of institutions and human resources for development, research and development diversification … AfDB tasks Nigeria on urgent economic diversification. the Economy: (Nigeria’s GDP is about 61% of South Africa’s---US$107b compared to US$175b), BUT: n NSE is less than 10% of JNSE– South Africa n South Africa’s largest Bank--- Standard Bank Group (Stanbank) in 2004 had about the Capital base and thrice the Assets of ALL the CURRENT 25 banks in Nigeria combined. Priority … Yaounde, 11 June 2021 (ECA) – A new comprehensive, segmented and dynamic framework to inform the formulation of sub-regional and national industrialization and economic diversification masterplans (PDIDE, in French) has taken root in Central Africa, with the aim of turning the zone into a poly-hub for … This Country Report documents what Nigeria has achieved over the last 20 years in our quest for sustainable development. The African Development Bank (AfDB) has stated that economic diversification is the only viable option for Nigeria to survive the current global economic downturn occasioned by the COVID-19 pandemic. Secondly, it is a complex process, and economic diversification needs an enabling environment, the right institutional mix (financial, legal, regulatory and market institutions), the necessary infrastructure, human capital development … Country Report to the Rio+20 sumit, June 2012. AFP PHOTO/DON EMMERT In September this year, under a relatively quiet banner, the Sustainable Development Goals (“SDGs”) were announced as … CEMAC's Commissioner in charge of the Department of Infrastructure and Sustainable Development, Shey Jones Yembe, said ECA's technical assistance was 'invaluable' and added that the present Framework will help the subregion to improve its industrial productivity, scale-up cross-border trade, expand and diversify the sources of economic … Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), says there was the urgent need to diversify Nigeria’s economy to make it sustainable and reduce unemployment. Some countries might have taken this information with a pinch of salt, but there was a burst of adrenaline rush in Nigeria … For decades, the mantra of ‘economic diversification’ characterized attempts to reverse Nigeria’s dependence on oil with little real progress. 0. Nationally, 40 percent of Nigerians (83 million people) live below the poverty line, while another 25 percent (53 million) are vulnerable. This abridged version summarizes, in five sections, the focus, objectives, strategies, implementation and expected results of the Vision. Modernization and dependency, critical, and stakeholder theories shaped the theoretical foundations of the study. AID Inflows (1) Absenteeism (1) Access to Education (1) Access to Health Care (1) Adequate Domestic Investment (1) Adjustment Programmes (1) Africa's Merchandise Trade (1) African Development … It was a global phenomenon, the price of crude oil was dropping faster than a pack of cards. Diversifying an economy encourages inclusive growth and reduces inequality. “In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. She just extracts the oil for export. Nigeria's Path to Sustainable Develeopment Through Green Economy. In 2005, Nigeria reached an agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. The Nigeria Economic Recovery and Growth Plan 2017 – 2020 aims at establishing the foundations for a steady and inclusive development of the country in the coming decades. By Simona Frone. “Economic diversification … Development Projects : Nigeria: Mineral Sector Support for Economic Diversification Project (MinDiver) - P159761 . Dr. Aranilyar C. Isukul & Dr. John J. Chizea & Dr. Ikechi Kelechi Agbugba, . The Expo was themed “Innovating for a Sustainable … The nation needs to invest its resources wisely on technological development, … She just extracts the oil for export. Socially Just and Sustainable Economic Development Photo: FES Nigeria The Friedrich-Ebert-Stiftung Nigeria together with its partners (Organised Labour, Civil Society and Employers’ Associations) actively encourages and maintains a debate on socially just and sustainable alternatives to the current development model. Economic diversification, according to Danbatta, is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Alas, only a lip service is paid to the diversification agenda. Nigeria Vision 20:2020 is a national effort aimed at growing and developing Nigeria, Africa’s most populous nation and bringing her to the league of the world’s 20 leading economies by year 2020. COLLABORATIVE BUSINESS EDUCATION AND ECONOMIC DIVERSIFICATION: PATHS TO SUSTAINABLE DEVELOPMENT IN NIGERIA. directly support the economic diversification of the country in a sustainable development trajectory. “Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19. Economic diversification, according to Danbatta, is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. AN ECONOMIC ANALYSIS OF NATURAL RESOURCES SUSTAINABILITY FOR THE MINING SECTOR COMPONENT - NIGERIA Prepared by: J M Eyre FRICS MIMMM MIQ CEnv AFRIN, A V Agba PhD Wardell Armstrong International Limited May 2007 Ref: 51-0434 This report has been prepared by Wardell Armstrong International with all reasonable skill, care and diligence, within the terms of the … Despite adopting education as a veritable tool for economic development, the educational system seems to have failed to … However, diversifying Nigeria's economic is neither rocket science nor reinventing the wheel, because Nigeria's economy was once diversified in very significant ways, back during the … How can Nigeria utilise GIs products to its advantage in international trade, and what are the practical mechanisms required for register-ing GIs products in Nigeria and the role that GIs could play in Nigeria’s sustainable development … Current industrial development is faced by the global challenge to meet the continuously growing demand for capital and consumer goods in emerging countries while simultaneously ensuring a sustainable industrial growth in the social, environmental and economic dimension. Journal of Sustainable Development in Africa (Volume 19, No.3, 2017) 12 Pages Posted: 22 Jan 2018 Last revised: 20 Mar 2018. Sustainable Development Goals and Nigeria is about how Nigeria is implementing the Sustainable Development Goals within the thirty-six states and its Federal Capital Territory (FCT), Abuja.The Sustainable Development Goals (SDGs) consist of seventeen global goals designed as a "blueprint to achieve a better and more sustainable future for all". Nigeria operates mono commodity (petroleum) based economy. DIVERSIFYING THE NIGERIAN ECONOMY FOR SUSTAINABLE DEVELOPMENT By Dennis O Odife, B.Sc [Hons], MBA, FIMC, FCIS Chairman, CentrePointBank PLC Being the text of a speech made at the Opening Dinner of the 2004 Manufacturers Summit under the theme “Mapping the future of the Manufacturing Industry in Nigeria” held at the AFRICAN LEADERSHIP FORUM, OTA, OGUN … Tourism is as of the largest economic sector, generates employment and foster growth in many countries. moving nigeria beyond oil: roadmap for economic diversification for sustainable development Posted on June 14, 2016 by Udomo You can’t feature in a future that you can’t picture. The Kaduna State export enlightenment and engagement forum recently organised by Nigerian Export Import (NEXIM) Bank strongly aligns with the federal government’s strategic objectives of economic diversification… 0. Evelyn Nwanchukwu, Director of trade, ministry of Industry, trade and investment, speaking at the NICOP project launch on Friday in Abuja, said that export diversification and reduced reliance on oil revenue is essential for the achievement of sustained economic growth adding that as part of efforts towards sustainable development in nigeria… Secondly, the fact that crude oil is an exhaustible asset makes it unreliable for sustainable development of the … Traditionally, it has been applied as a strategy to encourage positive economic growth and development. effects of economic diversification on solid mineral development in the attainment of sustainable development. Agriculture involves the cultivation of land, raising and rearing of animals, for the purpose of production of food for man, feed for animals, and raw materials for industries. NIMASA DG, Dr. Bashir Jamoh. VIEWS . Nigeria: Govt Drafts Blueprint for Economic Diversification of Niger Delta. Economy Nigeria intensifies seafarers training to fast-track shipping development, economic diversification Nigeria intensifies seafarers training to fast-track shipping development, economic diversification. The generated revenue is not effectively invested on diversification of the economy to develop a robust and stable economy. Economic diversification has the propensity to meet the basic requirement for sustainable development like meeting the poor’s basic needs which revolves around provision of job, food, health, clothing and shelter by opening diverse avenues of economic activity which accommodates broad spectrum of people. “Economic diversification … The likely gains from economic diversification in developing countries have been well discussed in the literature. How maritime can boost economic diversification. “Economic diversification … The supply of finance to various sectors of the economy will promote the growth of the economy in a holistic manner and this, will make development, welfare improvement to proceed at a faster rate. Scientific Papers International Conference on Knowledge Society The Role of Technological Innovation in Sustainable Economic Development. Leadership, organization, and history. Niger Delta. Development and diversification of Nigerian economy face the challenge of poor economic and social infrastructure. As part of its commitment to support agric businesses across the value chain and play its enabling role in the nation’s drive for economic diversification through agriculture, First Bank of Nigeria Limited held the second edition of its annual agric expo on Thursday, June 28, 2018 at the Eko Hotels & Suites, Victoria Island, Lagos. Toggle navigation. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19. During his presentation, he said that the centrality of economic diversification and ethical leadership at all levels of government is the panacea to the current economic headwinds in Nigeria. The Central Bank of Nigeria development … 4th November 2020. in Business. SHARES. Economic diversification … sustainable economic development for the indigenes of Ogoniland in the Niger Delta. Economic diversification is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Diversification of the Nigerian economy with specific emphasis agricultural and solid mineral sectors is feasible in view of Nigeria's endowment. The African Development Bank (AfDB) says economic diversification is the only viable option for Nigeria to survive the current global economic … Yaounde, 11 June 2021 (ECA) -A new comprehensive, segmented and dynamic framework to inform the formulation of sub-regional and national industrialization and economic diversification masterplans (PDIDE, in French) has taken root in Central Africa, with the aim of turning the zone into a poly-hub for … SHARES. attempts to achieve any meaningful economic diversification, reflecting the effect of the so-called “Dutch disease”. The exploratory research method was used and designed to explore the relationship between entrepreneurial management and diversification for sustainable development in Nigeria. By Diego Silva. The main focus of economic diversification is to improve economic performance in order to achieve sustainable economic growth. It was found that poor entrepreneurship development, poor YouWIN program implementation process, among others, were the main factor that militates against Nigeria’s economic diversification and sustainable development. The Economic Diversification and Inclusive Growth (EDIG) Portfolio is a four-year (2017-2020) integrated programme that is geared towards supporting the Government of Botswana to address the challenges of economic diversification, the sources of economic growth and exporter development… Goal 8: Decent work and economic growth. 6 EDD Theme: Economic Diversification Drive: the Key to Sustainable Economic Growth and a Vibrant Globally Competitive Private Sector EXECUTIVE SUMMARY ECONOMIC DIVERSIFICATION DRIVE (EDD) MEDIUM TO LONG TERM STRATEGY 2011 to 2016 1. The main objective of this paper is to explain how the Nigerian economy engulfed in the problem of Dutch disease and how it can be diversified and sustained through plerotha of several resources … “In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. The thrust of this study asserted that a greater level of infrastructural development can be achieved in Abuja, Nigeria, if there is a rigorous consideration by the government to involve the private sector on targeted investment on infrastructure for economic diversification and growth using robust PPP strategy. The AfDB said that the diversification of the Nigerian economy had become important for it to respond favourably to the emerging challenges of the 21st century. See all articles by Olufemi Saibu Olufemi Saibu. First, the volatility of the international oil market with the attendant volatility of government revenue gives credence to any argument for diversification of exports. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19. For decades, the mantra of ‘economic diversification’ characterized attempts to reverse Nigeria’s dependence on oil with little real progress. Keywords: Ccollaborative, business education, economic diversification, sustainable development Introduction Nigeria has abundant natural and human resources yet is facing economic crises. Macroeconomic Implications of Economic Diversification and Oil Resource Curse on Sustainable Development in Nigeria. Downloadable! Nigeria has a large expanse of agricultural land. A review of the … “In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification,” Oyelaran-Oyeyinka said. Economy News. It is very important for policymakers to adopt a shift in Nigeria’s industrialization policy in line with modern trends. Evelyn Nwanchukwu, Director of trade, ministry of Industry, trade and investment, speaking at the NICOP project launch on Friday in Abuja, said that export diversification and reduced reliance on oil revenue is essential for the achievement of sustained economic growth adding that as part of efforts towards sustainable development in nigeria, NICOP is currently providing support Small, micro … By onepageafrica Last updated Mar 7, 2021. Under the agreement, the lenders will forgive most of the debt, and Nigeria will pay off the remainder with a portion of its energy revenues. Handle: RePEc:dbn:vo2is1:5003 "Economic Diversification in Nigeria: Lessons from other Countries of Africa," Journal of Economic and Sustainable Growth 3, Office Of The Chief Economist, Development Bank of Nigeria. Development financing is one of the requirements for sustainable economic growth in any economy. The need to correct the existing structural distortions and put the economy on the path of sustainable growth through diversification of non-oil product export is therefore compelling. It highlights our policies, programmes and activities. He said this is with a view to increasing productivity, creating jobs and providing the basis for sustained economic growth. This is due to some socio-political challenges that border on individual interests and poor socioeconomic orientations that militate against industrialisation of the economy. Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19. Socially Just and Sustainable Economic Development. For too long, economic diversification had been the sing song or ‘mantra’ of successive administrations in Nigeria. Since the discovery of oil in Nigeria in the 1950s, attention has been directed away from other critical sectors of the economy. The major objective is a comparative analysis of 87 developing countries with the capacity to attract FDI and proffer possible solutions that will catapult Nigeria as a globally acceptable haven for foreign investment. That need has been recognized in key internationally agreed Nigeria, a mono economy country, generates eighty percent of the nation’s foreign exchange and remains heavily dependent on crude oil. The African Development Bank (AfDB) has charged the Nigerian government to urgently diversify its economy to enhance economic growth and development. It also propels Nigeria at independence had a promising economy and the educational system competed favourably with those of developed economies of the world such that it was the hope of Nigerians and members of the global community that Nigeria … “Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19. According to him, maritime has enormous potential to drive sustainable development in Nigeria, with huge investment opportunities in shipbuilding and repairs, offshore/floating spare parts sales and maintenance, freshwater bunkering and supply, dredging, and inland waterways transportation. This would take advantage of untapped and underutilized potentials present in the non-oil sector, putting Nigeria on track towards sustainable economic … In 2014, Nigeriachanged its economic analysis to account for fast growing contributors to its GDP, such as telecommunications, banking, and its film industry. 87. Moreover, human capita… The African Development Bank has stated that Nigeria (AfDB), Africa’s largest economy, needs urgent economic diversification to move the country … Steve Agbota, [email protected] With a … Goal 8: Decent work and economic growth . The generated revenue is not effectively invested on diversification of the economy to develop a robust and stable economy. Who We Are. MOVING NIGERIA BEYOND OIL: ROADMAP FOR ECONOMIC DIVERSIFICATION FOR SUSTAINABLE DEVELOPMENT The headline of a national daily read, “Crude oil price drops to an all-time low”. Bad road network, erratic power supply, scarce potable water, poor healthcare facilities, poor transportation and communication network, scarcity of investible fund, and poor and unstable educational system are among the main constraints to economic development and diversification of the economy. Share on Facebook Share on Twitter. Economic Diversification Development, Climate and Economic Policy: The Need for Narrative Shift Development, particularly in developing countries, in the current context requires thinking about how multiple global crises are interlinked, their impact on development prospects, and the narrative framing needed to generate … Economic diversification, ethical leadership panacea to Nigeria’s economic downturn – Danbatta On November 8, 2020 8:54 pm In News by Urowayino Jeremiah Kindly Share This Story: VIEWS . The findings of this research reveal that diversification is not only a Nigerian problem, several African countries have diversification issues. 0. The current coronavirus … WorldStage Summit 2020: Ameachi, Onu, Danbatta, others advocate economic diversification November 16, 2020 Promptnews Business 0 Nigerian Government has assured that it is in tune with the reality to actualize economic diversification through massive investment in science and technology, … sustainable economic development in Nigeria. This puts a call for an urgent reassessment of Nigeria’s economic diversification policies and their implementation. Essentially, it is composed of crop production, … Abstract. Overview. How maritime can boost economic diversification. “Economic diversification … The Friedrich-Ebert-Stiftung Nigeria together with its partners (Organised Labour, Civil Society and Employers’ Associations) actively encourages and maintains a debate on socially just and sustainable alternatives to the current development model. Share. To achieve sustainable economic development and to lift the dormant and continuously dwindling contribution of the agriculture sector, Nigeria needs to have some recommended pre-requisites diversification policies such as provision of financial resources to sector to get it up and functioning; a combination of … SUSTAINABLE DEVELOPMENT GOALS: LEAVING NO ONE BEHIND Presentation Outline DEVELOPMENT CONTEXT AND CHALLENGES NATIONAL EFFORTS POLICY AND INSTITUTIONAL REFORMS IMPLEMENTATION CHALLENGES CONCLUSIONS. The paper examines the diversification of Nigerian Economy for sustainable development: issues and challenges. University of … President of Nigeria Muhammadu Buhari. Double Crises Economic … Predicting the Effects of Economic Diversification on Sustainable Tourism Development in Nigeria. 0. The Vision emphasizes maximum use of Iraq, an upper middle-income country, ranking 120 out of 189 countries on the 2018 human development index, is the most oil-dependent country globally. DEVELOPMENT CONTEXT AND CHALLENGES. The Economic Diversification and Inclusive Growth (EDIG) Portfolio is a four-year (2017-2020) integrated programme that is geared towards supporting the Government of Botswana to address the challenges of economic diversification, the sources of economic growth and exporter development, eradication of poverty, reducing inequality and … The current coronavirus pandemic combined with mounting debt obligations and declining GDP gives new … Despite numerous reforms, international loans and restructuring programmes, 85 million Nigerians live in deteriorating conditions of poverty. Low Carbon City Guidebook. May 12, 2021 147 views 0 comments. Sustainable development (2) Sustainable urban development (1) Trade regulation (2) Transportation (1) Water (1) Water management (1) Water-supply (1) Women--Health and hygiene (1) World health (1) Topic. The general consensus is that a diverse economy, based on a wide range of profitable sectors instead of one or a few, is key to building sustainable development and providing new opportunities for growth, employment and development. The fundamental objective of this study is to predict the effects of economic diversification on solid mineral development in the attainment of sustainable development… Recent research confirms that there is indeed a link between economic diversification and sustainable development. Read Also: CBN sees light as Nigeria gradually unifies FX rates; Nigeria … “In pursuit of long-term recovery and sustainable development, Nigeria needs urgent economic diversification. The Office of the Senior Special Assistant to the President on Sustainable Development Goals (OSSAP-SDGs) has launched the Nigeria Sustainable Development Goals Implementation Plan 2020-2030, with support from the United Nations Development Programme (UNDP). It was recommended among others by these studies that government needs to encourage entrepreneurship development by providing social amenities, economic … Onome Amuge . Mr. Chairman On behalf of Nigeria, I wish to align myself with the statement of the Representative of Pakistan on behalf of the G-77 and China Mr. Chairman Industrial development is a priority for developing countries. As a response to sharp and continuous decline of oil price since mid-2014 that has constrained development, it promotes a “structural economic transformation” and “sustainable diversification… Economic diversification, according to Danbatta, is the process of shifting an economy away from a single income source toward multiple sources from a … There exist … This is due to some socio-political challenges that border on individual interests and poor socioeconomic orientations that militate against industrialisation of the economy. Sustainable Development Goals CONFERENCE ROOM 4 -UN HQS JULY 18, 2017 . Economic Diversification. In 2018, hydrocarbon resources comprised 65% of its gross domestic product (GDP), near;y 100% of its exports, … Last but not least, Nigeria’s Economic Recovery and Growth Plan(the NERGP) for 2017-2020 has been formulated as a Medium-Term Development Strategy that is … Nigeria is highly vulnerable to the global economic disruption caused by COVID-19, particularly due to the pronounced decline in oil prices and spikes in risk aversion in global capital markets. Economic diversification is very relevant for poorer developing countries to create jobs and foster economic development. Despite numerous reforms, international loans and restructuring programmes, 85 million Nigerians live in deteriorating conditions of poverty. This 77.7 per cent of Nigeria's tota l land area which is 910.8 thousand kilometres. Of this total, 37.3 per cent is arable land, 7.4 per cent is permanent crop and 9.0 percent is under forest. It involves forestry, fishing, processing, and marketing of these agricultural products. By means of market dynamics of … 87. With many countries proposing ban on use of fossil fuels, and the world transitioning from oil, Dr. Bashir Jamoh says maritime offers Nigeria a bounteous substitute in the country’s economic diversification drive.The Director-General of Nigerian Maritime Administration … Nigeria - Mineral Sector Support for Economic Diversification Project (MinDiver) Project description: This project will enhance the mining sector’s contribution to the economy by strengthening key government institutions, improving information infrastructure and knowledge, and fostering domestic investment in the sector. “Nothing is more poignantly demonstrative of the danger of over-reliance on a single or narrow range of commodities than the recent crash in oil price we saw in 2020 due to the COVID-19. 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