Building a non-oil export based economy for Nigeria

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Petroleum has significantly influenced the industrial and economic growth of many nations, but it has also led to their decline. While countries rich in petroleum have seen industrial activities rise, their technological advancement has lagged. The focus on petroleum exploration has diverted attention from agriculture and other vital sectors. In Nigeria, for instance, the agrarian economy, once a cornerstone pre-independence and until the 1980s, has suffered greatly due to petroleum exploration. Although Nigeria should manage its petroleum resources wisely, it must not allow this volatile sector to undermine agriculture and other essential parts of its economy. The paper outlines viable agro-based alternatives to a petroleum-dominated economy. Potential industries that could emerge from agriculture include biofuel and biodiesel energy, pharmaceuticals from fruits and vegetables, tourism from wildlife parks, furniture and construction from forest resources, agro-processing from crops, leather from animal skins, textiles from cotton, and agro-machinery manufacturing. Additionally, these sectors could foster product development and added value, while empowering women and youth through agricultural clusters.