ECONOMIC DIVERSIFICATION AND THE SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA, 2010-2019

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ABSTRACT

Economic diversification has been the glamour of successive administration in Nigeria, especially amidst the dwinding oil-revenue in recent years, which has resulted from the fluctuations in world crude oil prices. This study aim at investigating the impact of economic diversification and socioeconomic development in Nigeria. Secondary data on GDP growth and development rate as a proxy and development rate as a proxy for socio-economic development, non-oil GDP as a proxy for GDP diversification non-oil export as a proxy for export diversification, investment and exchange rate between 2010-2019, were adopted in the study. An econometric approach of ordinary least squares (OLS) was adopted to empirically analyze the collected data and result revealed that non-oil gross domestic product impacted positively and significantly on socio-economic development in Nigeria, within the period covered in the study. However, non-oil export and investment impacted positively but insignificantly on socio-economic development in Nigeria. The study recommends the encouragement of increase productivity in the real sector as well as the adoption of stable and favourable exchange rate policies by the government in order to accelerate socio-economic development in Nigeria.

TABLE OF CONTENTS

TITLE PAGE       –        –        –        –        –        –        –        i

CERTIFICATION         –        –        –        –        –        –        ii

DEDICATION     –        –        –        –        –        –        –        iii

ACKNOWLEDGEMENTS     –        –        –        –        –        iv

ABSTRACT –      –        –        –        –        –        –        –        vi

TABLE OF CONTENTS        –        –        –        –        –        –        vii

CHAPTER ONE: INTRODUCTION

1.1     Background to the study         –        –        –        –        –        1

1.2     Statement of the study   –        –        –        –        –        7

1.3     Objectives of the study  –        –        –        –        –        11

1.4     Research hypotheses     –        –        –        –        –        11

1.5     Significance of the study         –        –        –        –        –        12

1.6     Scope of the Study        –        –        –        –        –        –        12

1.7     Definition of key-terms –        –        –        –        –        13

CHAPTER TWO: REVIEW OF LITERATURE AND THEORETICAL FRAMEWORK

2.1     Literature review  –        –        –        –        –        –        16

2.1.1  Overview of economic diversification and

socioeconomic development in Nigeria       –        –        23

2.1.2  Economic diversification in Nigeria            –        –        –        23

2.1.3  Import-substitution industrialization strategy (ISI)       –        26

2.1.4  Export promotion industrialization strategies     –        –        28

2.1.5  Agricultural Policy and institutional support       –        –        30

2.1.6 Industrial policy and institutional support –        –        33

2.1.7   Solid minerals and institutional support   –        –        38

2.1.8  Socio-economic development in Nigeria     –        –        41

2.2     Theoretical framework   –        –        –        –        –        43

CHAPTER THREE: RESEARCH METHODOLOGY

3.1     Research design    –        –        –        –        –        –        51

3.2     Sources of data collection        –        –        –        –        51

3.3     Method of data analysis –        –        –        –        –        52

3.4     Estimation technique     –        –        –        –        –        52

3.5     Procedures for data analysis   –        –        –        –        53

CHAPTER FOUR:

4.1     Data Presentation          –        –        –        –        –        –        57

4.2     Analysis of result           –        –        –        –        –        –        58

4.3     Test of hypothesis         –        –        –        –        –        –        60

4.4     Discussion of findings   –        –        –        –        –        61

ECONOMIC DIVERSIFICATION AND THE SOCIO-ECONOMIC DEVELOPMENT IN NIGERIA, 2010-2019