Since 2014
The Political Economy of Oil and Coronavirus Disease in Nigeria: Imperatives for Diversification
African Journal of Economic Review
View Archive Info| Field | Value | |
| Title |
The Political Economy of Oil and Coronavirus Disease in Nigeria: Imperatives for Diversification
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| Creator |
Tope Shola, Akinyetun
Kola, Bakare Aihonsu Samuel, Ahoton Solomon Jijoho, Oke |
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| Subject |
Covid-19; Diversification; Economy; Nigeria, Oil
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| Description |
Nigeria runs a mono-petrodollar economy, and the government has persistently ignored the calls for diversification except for when the price of oil plummets. Indeed, there has not been a tangible effort to sincerely shift the focus from being perpetually oil-dependent to developing the non-oil sectors of the economy and increase foreign exchange earnings. However, the outbreak of the Coronavirus pandemic revealed the volatility of the Nigerian economy and its susceptibility to oil shock and natural disasters. Situated within the context of the Cobweb Theorem, this paper explores how oil dependence has exposed the Nigerian economy to oil price fluctuation and the threat of an impending recession. The paper which relied on secondary data also examines the imperativeness of diversification as a way forward in Nigeria and concludes that the government must take advantage of her abundant resources and pay critical attention to other sectors of the economy such as agriculture.
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| Publisher |
Centre for Economics and Community Economic Development
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| Date |
2021-07-20
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
https://www.ajol.info/index.php/ajer/article/view/210931
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| Source |
African Journal of Economic Review; Vol. 9 No. 3 (2021): Special Issue on COVID-19; 106-128
2453-5966 1821-8148 |
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| Language |
eng
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| Relation |
https://www.ajol.info/index.php/ajer/article/view/210931/199031
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