Sustaining the Millennium Development Goals (MDGs) in Nigeria: The Need for Economic Diversification

Abstract

This paper discussed and overviewed the MDGs as well as reviewed the Nigerian economy.  It also surmised salient issues contained in the MDGs report for 2010 as it affects Nigeria with a view to elucidating those issues that are pertinent in diversifying the economy and bringing to focus the drawbacks and strengths of the MDGs and their sustainability. The Nigerian economy is still mono-cultural. Diversification of the Nigerian economy will provide a platform to engage the development process for actualizing the MDGs. However, the situation in Nigeria indicates that there are challenges in meeting the goals by 2015 going by the present economic indices where oil revenue contributes 97.5% of export and 81% of the national budget.  The MDGs should not be mistaken with Vision 20:20:20 which remains an indigenous phenomenon.  It is only in a diversified economy that MDGs can been attained and once attained to a reasonable extent, the nation is on its sure way to joining the 20 most vibrant and stable economies of the world. There is therefore, the urgent need to consciously drift the economy from its present mono-sector dependence to a multi-sector dependence. Achieving the MDGs will be a mirage unless the economy is revitalized and strengthened through diversification.  Drawing from the forgoing, the researchers recommended among others the urgent need for Nigeria to pursue vigorously her diversification efforts in order to fully develop her ability to revamp employment opportunities through non-oil industry sectors such as agriculture, manufacturing, distribution in whole sale and retail, entrepreneurship development, transportation, services, etc. By this, manufacturing and production sectors which are presently comatose would be revitalized, while ensuring the promotion of inter-sectoral linkages so as to reaping the optimal benefit of diversification.