Diversification of The Nigerian Economy for Sustainable Development

The economic dangers of extreme dependence on a single product are very obvious. It is against this backdrop that this paper examines the need for the diversification of the Nigerian economy for sustainable development. The study discusses the concepts of economic diversification and sustainable development, the rationale for the diversification of the Nigerian economy, benefits derivable from diversifying the Nigerian economy and the challenges of economic diversification in Nigeria. The study concludes that achieving Nigeria's quest for economic diversification  and its sustainable development objectives depend on and urgently requires addressing the myriad of challenges of economic diversification. These include: policy impediment, poor infrastructure, low level human capital development, corruption and mismanagement, weak institutional framework, low level of technology and poor access to funding. This paper recommends the need for a leadership, audacious enough to engender social change that Nigeria requires to push its quest for economic development that addresses key sectors of the economy.