In one photo, an argument that Nigeria is not really a mono-economy

A popular opinion is that Nigeria’s economy is a mono economy that is tied directly to the petroleum industry.

While this maybe true in terms of revenue earned by the government, this photo, tweeted by social commentator @TunjiAndrews, shows otherwise in terms of the larger economy.

The photo proves that the Nigerian economy is very well diversified, with several profitable income sources -including entertainment, manufacturing, food and hotelier, transport, among several others.

However, the problem -and where the popular belief that Nigeria is a mono economy originates- is with the state and federal governments. Nigerian government, at all levels, has over the years relied more on revenue generated by the petroleum sector, thus creating a single income stream rather than diverse income sources that cut across different sectors.

So that while the Nigerian economy is well diversified and has several possible income streams (a fact well established after the rebasing of the country’s economy), the revenue of government isn’t as diversified. And this presents a serious problem now and in the future.

Photo originally published by nigerianstat.gov.ng 

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