Published Paper

The Effects of Diversification Strategy on Economic Growth in Nigeria

Olaoye Clement Olatunji, Adeniyi Adekunle
Ekiti State University, Ado-Ekiti
Page: 28-38
Published on: 2024 March


This paper examined the diversification strategy in Nigeria as a path to economy rebirth. Specifically, the paper dealt with the impact of diversification and determinants of economic growth in Nigeria. A survey design was adopted to gather secondary data for the study for the period of 1999-2021 on quarterly basis. Data sourced from CBN statistical Bulletin.  Both diagnostics tests of unit root and co-integration techniques and Vector Correction Mechanism were used to analysis the data collected for the study. The result obtained revealed that there was a substantial impact of diversification strategy on economic growth in Nigeria. It was found that government total investment on agriculture, mining and steel, Information Technology and credit to SMEs and non-productive sector of the economy were determinants of economic growth in Nigeria. It was concluded that serious diversification was needed to enhance Nigeria economy rebirth.