Nigeria Ecoinfo Blog

In my last blog post we discussed the back ground and the rationale behind the economic diversification quest of Nigeria as the result of the uncontrollable and incessant fall of the crude oil at the international market, other reason include the fall in the value of Naira resulting from several factors ranging from high level of importation to monoculture economy structure. In this post we shall be focusing on discussing reviewing important concepts, theoretical and empirical literatures relating to the series of blog post that have been made and will be made subsequently. We shall particularly be discussing Sustainable Economic Development, Sustainable Agriculture and Sustainable Economic Development. To have full comprehension of the concept of sustainable economic development, it will be imperative to first define, distinguish and understand what economic development is in relation to economic growth because the two concepts are often erroneously used interch

The economic standpoint of Nigeria, Africa’s largest economy appears gloomy as the result of the current record fall in international oil prices since 2004 with little or no indication of a rapid bounce back in the nearest future. The present unpalatable economic circumstance Nigeria economy finds itself now need urgent and real economic diversification policy strategies.   The real economic problem in Nigeria is not declining oil prices (superficially, it may seem so), the real issue is that, high oil prices have always covered and contributed to the main problem now bringing the country to the verge of economic collapse. As we may recall, Nigerian economy have enjoyed several economic prosperity resulting from oil booms in the 1970s, 1980s and even recently in 2014 when bent crude was sold for USD 110 per barrel. The current oil price slump is not an entirely new experience to Nigeria as the country has been through similar situation in the past. In 2008, oil prices

In my last blog post , I posted an abstract of my research conducted on the topic: Appraisal of the Role of Cattle, Poultry, Piggery and Fishery Sub-Sectors to Sustainable Economic Development in Nigeria: 1982-2014, where I promised on rolling in series of articles from the research study. Here now and without waste of time is an introduction and general overview of the research done. Nigeria is the largest crude oil exporting country in Africa and the sixth in the world. The country has being pursuing a resource based growth strategy driven mainly by extracting and exporting crude oil. Nigeria has maintained its impressive annual economy growth rate, higher than the West African sub-regional level and far higher than the sub-Saharan Africa level over the past decade with a recorded estimate of 7.4% growth rate of real Gross Domestic Product before the 2015 oil price crash (clear indication that the country’s source of revenue generation is predominantly derived from the oil and