ECONOMIC DIVERSIFICATION AND ENTREPRENEUSHIP FOR SUSTAINABLE DEVELOPMENT IN NIGERIA

ECONOMIC DIVERSIFICATION AND ENTREPRENEUSHIP FOR SUSTAINABLE DEVELOPMENT IN NIGERIA.

OKONKWO, NKEM CHRISTABEL

DEPARTMENT OF BUSINESS ADMINISTRATION

DELTA STATE POLYTECHNIC, OGWASHI UKU

christab2001nk@yahoo.co.uk

AND 

AKWUKWUMA, NKECHI

DEPARTMENT OF BUSINESS ADMINISTRATION

DELTA STATE POLYTECHNIC, OGWASHI UKU

Queennkechi4life@yahoo.com

Abstract

This research focused on the need for a radical rethinking of policy makers regarding the deteriorating nature of the economy of Nigeria. The shock of the dramatic fall in the price of crude oil has negatively impacted Nigeria’s economy due to its mono-economic trade nature. In the light of this experience, the need to seek alternative means of sustaining the economy cannot be overemphasized. This paper therefore details the scope and importance of diversification and entrepreneurship for sustainable economic development in Nigeria. Descriptive and historical analytical methodology was adopted for the study. An overview of the economic status of Nigeria is followed by a moderately detailed summary of Igor Ansoff’s model for growth. The paper concludes that the challenges confronting the successful kick off of policies must be properly understood and addressed. It recommends that government should develop and implement effective economic diversification strategies, sound macroeconomic policies, infrastructural development policies directed at reengineering the business environment and also carry out an oversight function by providing frameworks for monitoring the policies in a bid to reducing corruption for sustainable economic development.

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