Transition from a Consuming to a Producing Economy: Recipe for Accelerated Economic Development for Africa
Abstract
This study delves into Nigeria's pivotal shift from a consuming to a producing economy, and from an import-heavy to an export-driven economy, highlighting its importance for rapid economic growth across Africa. With its abundant resources, large population, and rich cultural diversity, Nigeria is uniquely positioned to spearhead regional development and stability. The paper investigates Nigeria's economic evolution, its reliance on oil exports alongside heavy imports, and identifies strategies for moving towards a more productive economic model. It thoroughly examines necessary policy changes, infrastructural upgrades, the role of technological advancements, and the benefits of regional collaboration, outlining ways for Nigeria to capitalize on its strengths for both its own and Africa's economic benefit. The analysis indicates that with focused reforms, Nigeria can become a production-centered economy, aligning with wider African ambitions for sustainable growth and global economic integration. The results show that boosting exports and decreasing imports positively affect reserves, exchange rates, economic growth, and inflation rates confirming these measures as non-inflationary and export-promoting. Achieving this transformation will demand dedicated efforts from Nigerian policymakers, the business community, and international cooperation, aiming for a framework that supports industrial growth, innovation, and the nation's long-term success.
Citations
IRE Journals:
Umaru Aminu , Oladunni Adesanya
"Transition from a Consuming to a Producing Economy: Recipe for Accelerated Economic Development for Africa" Iconic Research And Engineering Journals Volume 8 Issue 2 2024 Page 971-984
IEEE:
Umaru Aminu , Oladunni Adesanya
"Transition from a Consuming to a Producing Economy: Recipe for Accelerated Economic Development for Africa" Iconic Research And Engineering Journals, 8(2)
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