ASSESSMENT OF OIL DEPENDENCE ON NIGERIA’S QUEST FOR ECONOMIC DIVERSIFICATION

Nigeria is a country that is blessed with all forms of natural resources anyone can think of. Hence, it will be judicious if the government can shift its lens from oil economy couple with the frequent dwindling in price of oil at the global market that seems to impact on Nigerian economy, to other non-oil sectors like solid minerals, transportation, shipping, agriculture, etc. This study therefore is designed to assess the viability of other sectors. The survey method was applied, data was used to analyze, using the one on one interview method of data analysis. Findings from the research work revealed that Nigeria has great potentials that are yet untapped. Though the government has not done much, it is a reawakening, a call now particularly for the present administration (2015-2023) to put more effort on economic diversification. The study recommend among others, the development of the yet untapped sectors by conducting necessary research because it is only through this that new and innovative methods of harnessing the resources will yield greater impact, emancipation and development of the economy on the long run.