Frankly speaking, this point of vision is very narrow, and it’s the main source of all misunderstandings concerning economics; the discipline covers much broader range of issues.
People who are involved in this sphere analyze historical trends and make predictions for coming years, interpret situation of today and explain humans’ behavior in a very specific way in order to formulate economic tenets.
It is interesting to note that Nigeria as a sub-Saharan African country is one of the few countries of the world that is abundantly endowed with an abundance of diverse natural resources.
Despite this impressive fact, it is sad to note that a majority of its citizens are wallowing in pervasive poverty even after 50 years of independence.
Nigeria's economy inherently resides as a mono cultural based economy.
It is characterized as a country with a monolithic economy due to its predominant or high dependence on a particular product or sector of the economy which is oil that intrinsically contributes to the bulk of revenue the nation expends or utilizes.
To him, the importance of a sound economy cannot be overemphasized.
The economy of any country is highly important to the growth and development of that country as well as the wellbeing, which is nonetheless dependent on how effective those at the forefront of managing such an economy do so Nigeria's economy has the potential to become one of the best economies of the world, if the resources at its disposal are properly utilized however a majority of its natural endowments are yet to be well maximized, which the Transformation Agenda seeks to work on to spur development.
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