Identification of the Leading Economic Sectors of Nigeria: A Typology Juxtapose of Nigerian Economy Vis-À-Vis African Economies
DOI:
https://doi.org/10.35516/jjes.v10i2.1396Keywords:
Economies, Nigeria, Africa, Sectors, PerformanceAbstract
Objectives: The typology of Nigeria's economy was examined alongside those of West Africa, sub-Saharan Africa, and developing economies in Africa using time-series data from 1970 to 2018. Some issues remain and will continue to attract the attention of academics, activists, members of civil society, and practitioners to answer the question if Nigeria is capable of realizing its vast potential and maintaining its ability to grow.
Methods: The data covered values of nine sectors in each of the economy at constant prices and the data were analyzed using inferential statistics.
Results: The empirical evidences showed crude oil and solid mineral to be the major basic sectors of Nigerian economy at sub-regional level. While beyond, Nigerian economy shifted to agriculture and tertiary production chain sectors and the possible reason may be due to emerging oil economies in Africa. Furthermore, vis-à-vis the regional economies, agriculture and allied activities, and tertiary sectors of Nigerian economy have the potential development to grow faster. The possible reasons for this are that they are long-term sustainable, appropriate, and reliable alternative sources of revenue earning due to the global collapse in oil prices and insurgencies affecting the Nigerian economy's mineral resources and secondary production sectors. Besides, the secondary production chain needs to be strengthened to become potential, thus complementing the non-oil sectors of the Nigerian economy.
Conclusions: Therefore, for the welfare of Nigerians, the surest means is for the policymakers to hold on to optimal potential development of agriculture and allied activities, and tertiary production sectors of the country’s economy. For sustainability of Nigerian economy, it must be non-oil diversified supported by agriculture and allied sector. This is because the most appropriate way to enhance the country’s economy is to harness the economic activities that are the foundation of majority of Nigerians’ economic life and will be able to accommodate the existing human resource conditions.
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