Diversification of the Economy: An Imperative for Sustainable Development in Nigeria
- Post by: airjournals
- October 31, 2021
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The study was to evaluate the diversification of the economy as an imperative for sustainable development in Nigeria. The specific objectives were to: evaluate the effect of enhancing Agricultural sector on the creation of jobs in Nigeria, assess the effect of manufacturing with high local contents on the derivations of economic growth in Nigeria and ascertain the effect of solid minerals sectors on the income redistribution in Nigeria. The study used the survey approach. The primary source of data was the administration of questionnaire while the instrument for data collection was structured questionnaire. A population of 3842 staff was used. The population of the study was drawn from the selected ministries in Enugu state using a stratified sampling method. Adequate sample size of 350 was determined, using Freund and William’s statistic formula. 327 staff returned the questionnaire and accurately filled. It gave 93 percent response rate. The hypotheses were analyzed using Z–test statistic tool. The findings indicated that: enhancement of agricultural sector had significant positive effect on the creation of job in Nigeria Z (95, n = 327) = 5.085 < 6.359, p > 0.05, manufacturing with high local contents had positive effect on the economic growth in Nigeria Z (95, n = 327) = 4.454 < 5.896, p > 0.05 and promotion of solid mineral sector had positive effect on the income redistribution in Nigeria Z (95, n = 327) = 7.555 – 10.499, p > 0.05. The study concluded that enhancing agricultural sector, manufacturing with high local content and improvement in the solid minerals sector had positive effect on job creation, derivation of economic growth and income redistribution in Nigeria. The study recommended among others that Nigerian government in line with the ministry of agricultural should constantly organize seminars and programs to enlighten the citizens, most especially the youths on the opportunities in agriculture and its importance to the growth of the nation’s economy.
Keywords: Diversification of the Economy; Economic Growth, Sustainable Development
1Nwatu, Emmanuel Chukwuemeka; 2Prof. Ugwuanyi, Willy