The Need for Diversification of the Nigerian Economy through a Low-Carbon Energy Mix Programme Using Nuclear Power (Published)
Numerous structural issues, such as poor infrastructure, trade and non-tariff barriers, investment barriers, a lack of trust in the currency’s worth, and restricted foreign exchange facilities, limit Nigeria’s economic potential. Since the late 1960s, when the oil and gas industry replaced agriculture as the primary driver of expansion, there has been very little progress made in diversifying the economy and laying a stronger foundation for rapid, steady, and productive growth. Despite massive oil earnings, the nation remains among the World’s poorest in terms of important development indicators. Prosperity and progress have not followed as expected. The economy continues to grow in an unpredictable manner, devoid of steady or constant growth, and is influenced by fluctuations in the price of oil and gas, despite a multitude of plans, frameworks for policy, and reforms. While incompetence, corruption, and inefficiency remain at the core of economic management, every plan, programme, vision, and change raises high aspirations but never achieve the desired impact. Nigeria’s economic dependency on crude oil and other commodities makes economic diversification difficult. Nigeria’s economy must diversify in order to support employment, economic growth and human development to meet up the country’s fast expanding population needs. In order to have a life beyond oil and gas, there is therefore the need for an efficient energy programme using nuclear power base load option for the country’s rapid industrialization; this research looks at an overview of Nigeria’s economy, its various sectors, its challenges, and the role of nuclear power as a possible solution to those challenges.
Keywords: Nigerian economic potentials, economic diversification, efficient energy program, energy mix, framework for policy, nuclear power, rapid industrialization