Nigeria’s and soon to be relics of the

Nigeria’s economic struggles in contrast to other parts of the world are hard to imagine given the wealth of resources at its disposal.

Compared with other emerging economies, notably, Malaysia , China, and India that lagged behind Nigeria in terms of GDP per capita in the 1970’s, these countries have transformed their economies and are not only miles ahead of Nigeria, but are also major players on the global economic stage1. In 2016, Nigeria’s economy slipped into recession for the first time in more than two decades2, reflecting  a dysfunctional mono- economy characterized by over dependence on the oil and gas sector, inconsistent economic policies and  unemployment  at an all time high at over 16 percent3. Also, the manufacturing sector which has been on  steady decline over the years, recorded an estimated 272 firms shutting down and industrial capacity utilization dropping significantly from 51. 4% in 2015 to 35. 4% in 2016 4.

Other sectors of the economy are characterized by such similar tragic incidence. Facing economic quagmire, the country is torn between sticking to an industry (petroleum) in decline and soon to be relics of the past or pursuing new diversified economic ventures, which is, the untapped goldmine of the future- Enhanced entrepreneurship through globalised commerce. In the present economic scenario, especially for  emerging economies like Nigeria, research have shown that foreign influx of capital and strategic partnerships plays an increasingly crucial role in the economic development of these nations5. It not only brings capital to a country, but also facilitates transfer of skills, knowledge and technology, provides access to the global market and develops organizational and managerial practices, and most importantly provides employment opportunities for the domestic economy6. Thus, countries are striving to develop a favorable domestic environment to attract foreign concerns, boost local economy and subsequently cater for the teeming millions of the unemployed. Given that Nigeria has for long been too reliant on the petroleum industry and cognizant of the current slump in oil prices and the world’s economy slowly navigating from fossil fuel energy sources, it has become imperative that it seeks avenues to diversify its economy.