AN EMPIRICAL STUDY ON THE REASONS AND DETERMINANTS OF ECONOMIC DIVERSIFICATION IN NIGERIA: A PERSPECTIVE FROM NIGERIAN TELEVISION AUTHORITY KADUNA NETWORK CENTRE

Abstract

Nigeria has for decades remained one of the third world countries with ever growing need to attain development of which, economic diversification is spotted as one of the factors to achieve that. This study examines the reasons and determinants of economic diversification in Nigeria. The study is limited to the perspective of the staff of Nigerian Television Authority, Kaduna Network Centre which has four network stations namely, Kaduna Centre, Birnin[1]Gwari, Kafanchan and Zaria community stations. It adopts a descriptive survey research design. One Hundred and Twenty Three (123) respondents were randomly selected from the general population of NTA Kaduna Network Centre staff (80 from Kaduna Centre, 5 from Birnin-Gwari, 10 from Kafanchan and 28 from Zaria community stations.). The study uses self-structured questionnaire designed by the researchers tagged “Reasons for Economic Diversification in Nigeria Questionnaire” (RFEDNQ). The reliability coefficient of the instrument used in the study is 0.937. Data collected were analysed using quantitative descriptive statistics in the SPSS – 23.0 and the descriptive values were presented in tables and charts. The findings show that the need to reduce the exposure of our economy to risk and uncertainties in the global market with the mean of 4.72 and develop the non-oil sectors which has the mean score of 4.70 were among others the reasons for the country to strive for economic diversification. Again, good governance and the creation of enabling environment for private sectors were identified as some of the determinants of economic diversification in the country.