Journal Press India^®

Author Details ( * ) denotes Corresponding author

This research work examined the diversification of the Nigeria’s economy through agriculture and solid minerals in the face of dwindling economy. The study is founded on simple micro-economic theory of demand and supply. Correlation, co-integration, and Ordinary Least Square Regression tests were adopted in this work. The result obtained in the study suggests that agricultural commodity export prices have positive impact on economic growth of Nigeria. This suggests that Nigeria has to encourage increase in agricultural products through developing the sector. Also, the findings of the study reveal that solid mineral production has significant short and long-run impact on the Nigerian economy. Based on the findings, to develop agricultural and solid minerals sector, which contributed over 90% of Nigeria’s economic growth before the discovery of oil, entails government making these sectors an interesting sector i.e. providing the capital required, both human and non-human, developing markets for agricultural output internationally. It is further recommended that the best policy objective of the government should carry out a comprehensive inventory of the country’s mineral resource potentials and actively promote the development of these resources for both local and foreign consumptions and hope that this will encourage the development of local sources of raw materials for the nations industries.

Keywords

Manufactured Sand; Fine Aggregate; Microfine; Workability.

1. AA Adubi. Agriculture: Its Performance, Problems and Prospects. Centre for Local Government Studies. Ibadan: Jodad Publishers, 2004, 192-209.


2. JC Anyanwu. The Structure of the Nigerian Economy (1960-1997). Onitsha: JOANEE Educational Publishers, 1997.


3. B Ayeni. Resource Localisation, Exchange Relations and Diversification of the Nigerian Space Economy.Diversification: Strategy for Nigeria’s Economy. NigerianEconomic Society and Heinemann Educational Books(Nigeria), Ibadan, 1987, 12-137.


4. BDurodola. Nigeria Must Sustain EconomyDiversification Policies, Channels Television AfricanEconomic Outlook (AEO) 2014.


5. CBN. Statistical Bulletin. Various Issues, CBN.


6. AH Ekpo. Employment, Growth and PovertyReduction in an Oil Export Economy: Evidence from Nigeria,being paper presented at the 53rd Annual Conference of the Nigerian Economic Society, 27-30 August, 2012.


7. EB Essien. Poverty Reduction in Nigeria: The Roleof Rural Agriculture, being a PhD Workshop paper presentedto the Department of Economics, University of Uyo, Nigeria, 2008.


8. F Ojiabor. Oil and the Diversification of Nigeria’sEconomy, This Day Live, 2014.


9. Federal Republic of Nigeria. Vision 20-2020 Blueprint, 2007.


10. PU Iniodu. Diversifying Nigeria’s Non-Export Basefor Sustainable Development. External Trade and Economic Development in Nigeria, AnnualConference of the Nigerian Economic Society, 1995, 277-285.


11. J Okoroafo. Diversifying The Nigerian Economy,Pathway To Achieving Economic Stability, Opinion Nigeria,Addressing Today’s Topical Issues, 2014.


12. EJonathan E. Nigeria must urgently diversify hereconomy from crude oil, Premium Time Wikipedia, the freeencyclopedia, 2013.


13. BA Ndon. The Role of Education and Research inAgricultural Development in Nigeria. A Workshop Paperpresented at the University of Uyo, 2002, 34.


14. SO Ayodele. Economic Diversification inNigeria: Any Role for Solid Mineral Development?Mediterranean Journal of Social Sciences Published byMCSER-CEMAS-Sapienza University of Rome 4(6,) 2013, 691-704.


15. MO Ojo. The Effectiveness of Agricultural Policieson Nigeria’s Economic Development. In Ndebbio, J. E.U. andEkpo, A. H. (Eds.), The Nigerian Economy at the Crossroads:Policies and their Effectiveness. Calabar: University ofCalabar Press, 1994.


16. AM Olakitan. Petroleum Industry and theMonetisation of the Nigerian Economy, Unpublished MScThesis submitted to the University of Calabar, Calabar, 1998.


17. R Stringer. How important are the 'non-traditional'economic roles of agriculture in development? Centre Forinternational Economic Studies, DiscussionPaper No. 0118, 2001.


18. SA Eko. Beyond Oil: Dual-Imperatives forDiversifying the Nigerian Economy, Journal of Managementand Strategy, 4(3), 2013.