Abstract
Nigeria operates mono commodity (petroleum) based economy. She just extracts the oil for export.
The generated revenue is not effectively invested on diversification of the economy to develop a
robust and stable economy. This is due to some socio-political challenges that border on individual
interests and poor socioeconomic orientations that militate against industrialisation of the
economy. The situation exposes the nation to both economic and socio-political instability as the
economy fails to accommodate wide spectrum of people and sustain the basic needs of the populace.
Nigeria should pragmatically address the challenges of poor industrialisation to diversify her
economy.