Why Economic Diversification is Important in Nigeria, IMF Explains

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There is a need for diversification in the Nigerian economy according to the  International Monetary Fund (IMF) considering the fact that our exportation system is still dependent on crude oil since the early 1970s.

According to reports and documentation, the Nigerian exportation system has remained unchanged as it still maintained crude oil importation as a major source of Nigeria exportation accounting for about 90%.

Nigeria should not be fully dependent on Crude oil importation for economic growth as diversifying into other sectors can help in the growth of the economic revenue.

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The inward-oriented policies that include a country living up to standard and creating employment opportunities for its citizens in Nigeria need a reformation, change in operational policies and strategies according to the International Multilateral Organization.

The International multilateral organization also mentions that a need for employment creation is in an increase as many young graduates are coming into the labour market on a yearly basis, for this reason, the need for the creation of about 5 million jobs on a yearly basis is required.

The need for Nigeria to start welcoming open trade especially now that the African Continental Free Trade Area has begun operation and a new competition policy that can help in the diversification of the economy and growth of the nation is of utmost importance, according to the statement by the International Monetary Fund (IMF).

According to the International Monetary Fund (IMF), Nigerian Gross domestic product (GPA) growth per capita of Nigeria is lacking behind considering where other countries are especially the Asian countries because they have developed export-oriented policies for their economic system.

The IMF also mentioned that they have been a shift and increase in growth in other countries’ Gross domestic product as they implemented export-oriented industrialization,  Malaysia, Indonesia and India were some of the countries mentioned to have experienced this growth as the result of the implementation of the new policy.

The Brettonwood organization has also mentioned that Nigeria is one of the countries with the lowest Gross Domestic Product globally which is not a good remark to Nigerian.

It can also be recalled that the International Monetary Fund (IMF) yesterday advice the Federal Government on what to do in other for they to be an increase in the countries revenue so that it attend a good economic standing.

Final Note

According to International Monetary Fund (IMF), Nigeria needs to diversify its policies so that it can achieve good economic standing in the nearest future.

The fact that Nigeria is among the  countries with the lowest GPA is a call that it needs to strengthen it economic to raise above inflation.

 

 

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