BEYOND ECONOMIC RECOVERY: CHANNELING THE COURSE FOR SUSTAINABLE ECONOMIC PROSPERITY IN NIGERIA

Abstract

The oil price tremor that notably started in mid-2014, severely affected the Nigerian economy. By 2016, the economy recorded its first recession in the fourth republic of Nigeria, with a negative growth in GDP, following the decline in the oil price, aggravated by the oil production shortages. However, by second quarter of 2017, the Nigerian economy exited its recession, recording a positive growth rate in GDP. The recovery was facilitated by the sharp recovery in the oil sector, driven by an improvement in oil prices and production volumes. How sustainable is this recovery remains lingering in the minds of researchers and has motivated this study. Thus, by relying on secondary data and related literature, this study examined the challenges of economic recovery in Nigeria and offered ideas for sustainable economic prosperity. From the reviewed literature, it was found that among the challenges of sustainable economic performance include poor implementation of economic policies, mismanagement of resources, inability to explore economic potentials of states, economy’s overdependence on crude oil and weak institutions of governance. The study therefore argued that sustainable economic prosperity is desirous and achievable. The nation must focus on building the next economy, one that is oriented towards exploring other mineral potentials of the country, greater exporting drive, powered by a low-carbon energy strategy, driven by innovation, and that creates opportunities for all.