The economy of Nigeria and the need for diversification with the aid of using nuclear energy

Nigeria’s economic potential is limited by many structural problems, including inadequate infrastructure, tariff and non-tariff barriers to trade, barriers to investment, lack of confidence in the valuation of the currency, and limited foreign exchange facilities. Since the transition from agriculture to the oil and gas industry as the main engine of growth in the late 1960s, all efforts to diversify the economy, and provide a better basis for broad, stable and productive growth have met with very limited success. Huge oil revenues have not led to prosperity and development, and the country continues to be among the poorest in the world in key development indicators. Despite numerous plans, policy frameworks, and reforms, economic growth remains volatile, lacking sustained or consistent growth, and subject to the volatility in oil and gas prices. Every plan, program, vision, and reform generates high hopes but little effect, while mismanagement, corruption, and inefficiency still lie at the heart of economic management. Since the economy of Nigeria is dominated by raw materials, oil and gas dependence, the country’s economic recovery is also complicated for environmental reasons. Therefore, for the reliable development of the country’s economy, deep industrialization is required, which, in turn, will require a significant increase in energy consumption. In modern conditions, this can only be ensured through the development of nuclear energy. Economic diversification remains a challenge for Nigeria, as it is dominated by commodity dependence on crude oil. Economic diversification is necessitated in Nigeria as a driver of human development, employment, production, and wealth creation for the rapidly growing population. This research examines an overview of the Economy of Nigeria and its various Sectors, the challenges of the Economy, and proffered possible solutions to these problems, in particular, by diversifying the energy industry through the development of nuclear energy.