Harnessing The Potentials of Non-Oil Sectors of The Nigerian Economy to Enhance Sustainable Growth

Abstract

In the face of global oil price instability, which seems to negatively impact the Nigerian economy, this study examined how the Nigerian government and its stakeholders have explored other sectors of her economy, such as agriculture, manufacturing, and tourism, enhancing sustainable growth. In achieving this, the study employed a time series data covering 24 years (1995-2018). The variables used in the study were real gross domestic product (RGDP), tourism share of GDP, agriculture share of GDP, and manufacturing share of GDP. The unit root test using the Augmented Dickey-Fuller test was conducted to test for stationarity among variables employed. The Autoregressive Distributive Lag Bound Test for Co-integration was also employed, while the ECM was also conducted to check for the speed of adjustment.The study findings revealed that, while the Nigerian government and industry stakeholders have made significant investments in the agriculture sector through the development of improved seedlings and farm infrastructure, there is a need for more investment in the manufacturing and tourism sectors of the nation's economy to boost her gross domestic product.JEL Classification: O13, O14, Q01, Z32How to Cite:Ajudua, E. I., Majebi, E. C., & Odishika, V. A. (2021). Harnessing The Potentials of Non-Oil Sectors of The Nigerian Economy to Enhance Sustainable Growth. Signifikan: Jurnal Ilmu Ekonomi, 10(1), 51-62. https://doi.org/10.15408/sjie.v10i1.18493.

Nexus Between Tourism Sector Output and Macroeconomic Indicators in Nigeria

“…Findings discovered that the Results discovered that change fee fluctuation had a terrible and significant impact on the tourism quarter output in length beneath neath have a look at. At the same time, Ajudua et al (2021), the unit root use the ARDL Bound Test and the ECM, recommend an advantageous and great quick and lengthy-run dating exists among agriculture and financial boom. They have a look at additionally discovered a good and great dating among production and financial boom withinside the quick run and a trifling dating withinside the lengthy run.…”

“…In many nations, tourism has grown to be a substantial driving force of socioeconomic improvement, a number one supply of sales throughout international locations, and an opportunity approach for financial sustainability and diversification (Ajudua et al, 2021). According to Asuquo et al (2016), tourism is the sum of all phenomena and interactions that arise from site visitors' motion and temporary lives, so long as the lives do now no longer cause everlasting house and the cause in their go-to is not for sales generation.…”

Analysis of Stakeholders Perceptions of The Impact of Crisis on Tourism in Ogun State, Nigeria

“…Consequently, crises can have ripple effects on tourism businesses in terms of a decline in revenue generation, loss of jobs, business closures, and a decline in other socioeconomic activities at affected destinations (Majebi, 2021;Nicola et al, 2020;Senbeto, 2022;Sultana et al, 2020). As tourism remains a major contributor to destinations' socioeconomic development (Ajudua et al, 2022;Ajudua et al, 2021;Amalu et al, 2018;Manzoor et al, 2019;Trusova et al, 2020), crises that can impact the industry demand appropriate collaborative measures among a wide range of stakeholders in identifying and reducing its impact and perhaps preventing its recurrence.…”