Identification of the Leading Economic Sectors of Nigeria: A Typology Juxtapose of Nigerian Economy Vis-À-Vis African Economies

Objectives: The typology of Nigeria's economy was examined alongside those of West Africa, sub-Saharan Africa, and developing economies in Africa using time-series data from 1970 to 2018. Some issues remain and will continue to attract the attention of academics, activists, members of civil society, and practitioners to answer the question if Nigeria is capable of realizing its vast potential and maintaining its ability to grow. Methods: The data covered the values of nine sectors, each in the economy at constant prices, and the data were analyzed using inferential statistics. Results: Empirical evidence has shown that crude oil and solid minerals are the main core sectors of the Nigerian economy at the subregional level before Nigeria's economy shifts to agriculture and sectors of the third production chain, possibly the likely cause of Africa's emerging oil economies. Furthermore, concerning regional economies, agriculture and related activities, and the third sector of Nigeria's economy, it has the potential to grow faster. The possible reasons for this are that they are long-term sustainable, appropriate, and reliable alternative sources of revenue earning due to the global collapse in oil prices and insurgencies affecting the Nigerian economy's mineral resources and secondary production sectors. Besides, the secondary production chain needs to be strengthened to become potential, thus complementing the non-oil sectors of the Nigerian economy. Conclusions: For the well-being of Nigerians, the surest means is for policymakers to adhere to the optimal potential development of agriculture and related activities and the high-production sectors of the country's economy. To sustain the Nigerian economy, it must be diversified non-oil supported by agriculture and the allied sector because the appropriate way to strengthen the country's economy is to harness the economic activities that form the basis of the economic life of Nigerians and will be able to absorb the current human resources conditions.