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FORTIFYING ECONOMIC FOUNDATION VIA ECONOMIC DIVERSIFICATION IN NIGERIA: A FOCUS ON ECONOMIC EXPANSIONAliyu Balarabe1 Zainab Abdulsalam1 Nura Abubakar Allumi1ABSTRACT
This paper explores the imperative of fortifying economic foundations through the lens of economic diversification with a specific emphasis on fostering economic expansion. In an era of volatile global markets and unforeseen crises such as the recent pandemic and fluctuating oil prices, the need for economic resilience has become increasingly apparent. This study delves into diversification's critical significance in enhancing economic stability and mitigating vulnerability to external shocks. It underscores the essential role of fiscal savings derived from sources beyond crude oil sales, alongside the significance of expanding the manufacturing sector in driving sustainable economic growth. By examining the challenges hindering the growth of the manufacturing industry and its minimal contribution to GDP and export earnings, this research aims to identify strategies and opportunities for bolstering economic diversification through expansion.
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