Diverse economy is a key to National development. It is one of the major parameters by which a nation’s worth is measured and a determinant factor to its influence in the global economy. Diversifying the economy means not depending on only one natural resource to serve as the income of the nation. It is also a term used to refer to the number of products and services available for purchase or consumption within the market economy.
People want to see something new, the reason why a nation gains more through diverse economy. People are more interested in marketing something new and uncommon. That is why the nation gains more through diverse economy. For example, Agriculture has suffered from years of mismanagement, inconsistent and poorly conceived government policies, neglect and the lack of basic infrastructure. Nigeria can diversify to agriculture; it will pay more because people will purchase from locally made product rather than rely so heavily on imported products which do nothing but disperse the nation’s wealth.
The nation’s economy can also be diversified through development of new knowledge and technology. People of different ethnic groups come together and share out of the natural knowledge, resources which they can bring into limelight. People Sharing their own believe, bias and doctrines about a particular topic will help to ensure a stable political climate. By learning together, the national development is being promoted.
The level of economic diversification promotes a nation to becoming a hallmark to be reckoned with in the world economy. A country is said to be economically diverse if it has strong, growing, sustainable while sustainable economy further improves a nation’s standard of living by creating wealth and jobs.
A well diversified economy is capable of attracting the interest of foreign investors with serious business proposals in the new resources to invest meaningfully in the nation’s economy and contributing to its growth, which would further bring about a huge boost to National income.
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