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ECONOMIC DIVERSIFICATION IN RECESSION: A CASE OF NIGERIAN AGRICULTURE AS A SIGN POST FOR NATIONAL DEVELOPMENT AND SUSTAINABLE GROWTH
A b s t ra c t
Malete, Ilorin 2016 has rated Nigerian economy as second largest economy next to South Africa with Gross Domestic product (GDP) of $296 billion U.S. dollars. South Africa economy was considered as the largest economy in African continent with GDP of $301 billion U.S. dollars during the second and third quarter of 2016.This is a reversed trend. In 2014 Nigerian economy was rated as the largest and leading economy using 2014 rebase figures. Recently, International Monetary Fund (IMF) observed that by the end of the year (2016) Nigerian economy would be the largest economy in Africa with GDP of $415 billion U.S. dollars. The present recession faced by the economy has led to a negative growth of 2.06% on the first and second quarters of the year (2016). Economic diversification discourse in recent times in the country with regard to policy of ‘BUHARINOMICS’ (i.e. change Agenda) as an attempt to re-engineering the economy is focused and dominated on development of agriculture and other non-oil exports.
Keywords: Economic
diversification, Growth, Model,
Development, Agricultural sector, Recession.