Diversity Management for Nation Building: A Three Sector Approach in Nigeria

This study assessed diversity management for nation building: a three sector economic management approach in Nigeria. The main objective was to analyze the effect of economic diversification on the performance of the Nigerian economy. To achieve the stated objective, the study employed the descriptive trend analytical method and the ordinary least squares multiple regression in explaining progression (upward and downward trends) of the dependent and independent variables. The results showed that economic diversification had a positive effect on the performance of the Nigerian economy. The result further showed a strong positive effect of multicultural economy (agricultural, solid mineral and tourism in the case of this study) on the performance of the Nigerian economy. The study recommended that government should undertake a deliberate enforcement and implementation of the compulsory minimum credit allocation by banks (mostly the commercial banks) to these multi-cultural productive sectors in Nigeria. In particular, the Bank of Agriculture should continue to give priority to farmers by granting loans that would enable them build storage facilities such as silos and other infrastructures that could enhance the preservation of perishable goods all year round. Finally, a call for conscious policies that encourage diversification of the entire economy is made.