Rapid economic development in Nigeria is realizable by
Answer Details
Rapid economic development in Nigeria is realizable by diversifying the economy. Nigeria has been heavily reliant on oil as the main source of revenue and foreign exchange earnings. However, this dependence on a single commodity has made the economy vulnerable to fluctuations in oil prices and reduced its ability to withstand external shocks.
Diversifying the economy would involve expanding other sectors such as agriculture, manufacturing, services, and tourism. By doing so, Nigeria can increase its revenue base, create jobs, and reduce its reliance on oil.
For instance, developing the agricultural sector would not only increase food production but also create employment opportunities for farmers, processors, and distributors, while tourism development would attract foreign exchange and increase Nigeria's GDP. Similarly, investing in manufacturing can lead to the production of goods for both domestic and export markets, leading to increased foreign exchange earnings.
Therefore, diversifying the economy is a sustainable way of achieving rapid economic development in Nigeria. It will help to reduce the country's dependence on oil and build a more resilient and diversified economy that can withstand external shocks and support long-term economic growth.