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NIGERIA’S MONO-CULTURAL ECONOMY AND THE AFRICAN CATFISH AQUACULTURE INDUSTRY

Oluwagbemiga, E. A. and Alabi, J. (2017) NIGERIA’S MONO-CULTURAL ECONOMY AND THE AFRICAN CATFISH AQUACULTURE INDUSTRY. In: CUCEN 2017, Covenant University, Ota.

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Abstract

Crude oil was discovered in Oloibiri, Bayelsa State, Nigeria in 1956. This paper provides that oil at the period of discovery was not lucrative until the Arab-Israeli war of 1973 otherwise known as the Yom Kippur war which was characterized by Arab states boycotting oil supplies to the western world who were allies of Israel. It was the period from 1973-1983 that witnessed a boom which was the most luring temptation Nigeria was faced with and which she gradually fell into. Since the oil-boom period, Nigeria’s economy tended towards a mono-cultural direction where other sectors of the economy were abandoned for just one single sector giving Nigeria’s economy another alias “mono- product” economy. This paper employed the key informant interview as the method for sourcing primary data from the African catfish aquaculture field and also engaged content analysis for data derived from secondary sources. Comparative Advantage theory is the theoretical framework used in explaining this research. The paper concludes by suggesting the African catfish aquaculture industry as a viable contribution to the diversification of the economy based on its lucrative potentials of earning foreign exchange and providing massive employment for the teeming unemployed population in Nigeria.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > HF Commerce
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mr Adewole Adewumi
Date Deposited: 05 Mar 2018 18:30
Last Modified: 05 Mar 2018 18:30
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/10326

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