Economic Diversifixation the way forward for Nigerian Economy problem

[davis196]

Agriculture, Tourism, Entrainment, Solid minerals like Gold, Copper, Silver Etc.

It doesn't matter if it's oil or precious metals. A country that builds it's economy over mining precious metals or drilling for oil/gas is considered underdeveloped. Countries with an economy focused towards agriculture are also considered underdeveloped. Tourism in Nigeria? Really?
The only solution is building a modern industry with production facilities. I'm pretty skeptical about the process of industrialization in Africa.
Not enough engineers, no infrastructure, no corporate culture and strong work ethics. I don't think that any industrialization in Nigeria is going to happen anytime soon.
Diversifixation? Is this a new word or something? You mean diversification, right? Or maybe you mean something between diversification and fixation?

[Huppercase]

Looking at Nigeria as a country which is a mono economy that depends on oil sell to run it's Economy it is over due for the government to look inward and start tapping and investing in other area's where the country have advantage such as Agriculture, Tourism, Entrainment, Solid minerals like Gold, Copper, Silver Etc.

For until Nigerian government diversify the Nigerian Economy Nigeria as a nation will not make any meaningful progress Economically

What do you guys say's about this.

The oil sector is the main primary source of revenue but after oil revenue, the next revenue gulper for the Nigerian government is customs. Have you observe tremendous increase in the revenue generated by the Nigerian customer and despite this hike to discourage importation, the people are finding it not discouraging and paying money. Look at how much people are paying to import Toyota used cars from abroad, it's because there is high demand despite the increment of the clearance fee.

My only problem with Nigerian government is that there is abundance crude oil and ever since then, they haven't look into any other source of revenue. We still have mineral resource available in abundance, but there is high rate of bandit army that are discouraging people, agencies can't make revenue from tourism due to insecurities and similar thing with agriculture because nobody want to farm and be attack by fulani heard men's and bandit. These are the problems that need to be addressed.

[Coyster]

I do not know what prevents the Nigerian government from diversifying its economy, despite the fact that it has large natural resources.

It is corruption and mismanagement of public funds, that is the reason why the country is in its present state. If most of the revenue from oil and other sources of revenue were pumped back into the economy and into other sectors of the country, then we would have seen major development and diversification into other sectors. Instead of doing that, most of our revenue is embezzled by those in power and spent in the cost of governance, which is extremely high, if we can end corruption in Nigeria, we have solved 99% of our problems.

[Farhan99]

No strong economy of any country can be based on a single-sided economy. A country whose economy is entirely based on oil will suffer major economic problems, especially with the decline in oil prices during crises, as is currently happening due to tensions in the Middle East.

I do not know what prevents the Nigerian government from diversifying its economy, despite the fact that it has large natural resources. I was very surprised when I read that Nigeria, which was once a major food exporter, is now importing some of its food products. The reason may be the large population increase, but primarily the failure of government policy.

If all these things work together, everyone will be happy but the government cannot be happy due to which the cost of everyone is increasing day by day.Otherwise, this system had to be like this from the beginning and anyway, these are all our thoughts. If you ask the government, they will bring out a hundred new things.Every country has its own calculation. If it were the same, China would be the first among them all. Because the government there has controlled the economy for a long time. If you don't spend too much time on the economy, focus on labor, then it is better, then the economy will grow as much as you want.So see he has also worked hard due to which he is providing many things.  But this is all in our country.