Economic Diversification Strategies for Sustainable Development in Nigeria

The study examines sustainable development in Nigeria via means of economic diversification tactics. Using the Autoregressive Distributed Lag (ARDL) bounds testing technique, this paper particularly investigated the long-run and short-run effects of major economic sectors—agriculture, information and communication technology (ICT), manufacturing, and renewable energy—on sustainable development in Nigeria from 1981 to 2023. The findings revealed that although the short-term effects are varied, all four sectors have notable and beneficial influences on sustainable development in the long run. Improved food security, rural development, and effective resource utilisation help the agriculture sector to contribute. By increasing information access, improving service delivery, and encouraging innovation, the ICT industry helps to promote sustainability. Industrial diversification and the possibility of green technology adoption help the manufacturing sector to promote sustainable development. The renewable energy industry, meantime, offers great long-term potential to promote energy transition and environmental sustainability despite early short-term obstacles. The report finds that to maximise these industries' contribution to Nigeria's sustainable development objectives, strategic investments, regulatory changes, and sector-specific interventions are absolutely necessary. The report suggests further government support and investment in renewable energy infrastructure to speed Nigeria's transition to a low-carbon and inclusive economy based on these results.