Predicting the Effects of Economic Diversification on Solid Mineral Development in Nigeria

Abstract

Tourism is as of the largest economic sector, generates employment and foster growth in many countries. Nigeria, a mono economy country, generates eighty percent of the nation’s foreign exchange and remains heavily dependent on crude oil. However, with tourism still at its infancy, Nigeria stands to benefit from diversifying the nation’s economy through tourism. There is therefore the need to consider and put more efforts in developing the tourism sector to serve as added avenue through which the over reliance on crude oil can be outcome. The aim of the study is to investigate the role tourism would play if the Nigerian economy is diversified through tourism. This was carried out using the quantitative method of data collection in combination with the use of relevant literature. The findings report the result from a linear model through the multiple regressions analysis for the prediction of tourism’s prospect in the Nigerian economy if diversified. The study corroborates the literature and showed the empirical support of effects of tourism on the Nigerian economy and concludes that tourism would be of immense benefit to the Nigerian economy.