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The adverse consequences of over-reliance of Nigerian economy on oil has continued to heighten the call and need to diversify the productive base of the economy towards non-oil sectors. To heed the call, successive governments have implemented several economic policies at different periods. However, while the contents of these policies are plausible, the full-anticipated benefits are far from being realized. The disappointing results have been linked to two principal factors: the incoherent implementation of the policies and neglect of the country-specific circumstances. Informed by the need to take cognizance of the country’s peculiar circumstances, the question as to which priority sectors that Nigeria should target for diversification efforts has come up in literature. Empirically, in view of the country’s natural resource abundance, studies have suggested agricultural, industrial and many others non-oil sectors as plausible options for diversifying the economy. In light of this, the study examines the interactions among non-oil sectors, economic diversification and growth in a multivariate VAR model over the period 1960-2019. Empirical results reveal that while an expansion of economic activities into resource-based sectors is a necessary condition for diversification; however, it is not a sufficient condition as the dimension of the diversification matters.

The question of whether developing countries should pursue specialization or diversification in export as a driver of sustainable economic growth has been a subject of an intense debate in economic literature. At present, one understanding of the debate, as postulated by Imbs and Wacziarg (2003), is that economies grow through two stages of diversification and concentration as income grows: they initially diversify but re-specialize once a (relatively) high level of income per capita is attained. A U-shaped curve best explains the notion. With Nigeria as a reference country, we employed ARDL procedure and examined the aforementioned exposition over the period 1960-2019. Specifically, the non-monotonic relationship between diversification and growth is examined. In furtherance, we examined the impact of diversification on the effect of non-oil exports on growth. Employing an augmented production-function framework and two distinct measures of diversification, we find, contrary to the Imbs-Wacziarg notion, a monotonic (increasing) relationship between diversification and growth, suggesting that diversification, rather than specialization, continues with growth. Applying a similar framework and five different measures of non-oil exports, we find that the impact of diversification on the effects of agricultural and industrial sectors on growth is higher, as compared to building and construction, wholesale and retail, services sectors.

Natural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of investing natural resource revenues, making explicit the role of pervasive features in these countries including public investment inefficiency, absorptive capacity constraints, Dutch disease, and financing needs to sustain capital. Revenue exhaustibility raises medium-term issues of how to sustain capital built during a windfall, while revenue volatility raises short-term concerns about macroeconomic instability. Using the model, country applications show how combining public investment with a resource fund---a sustainable investing approach---can help address the macroeconomicproblems associated with both exhaustibility and volatility. The applications also demonstrate how the model can be used to determine the appropriate magnitude of the investment scaling-up (accounting for the financing needs to sustain capital) and the adequate size of a stabilization fund (buffer).

The Extractive Industries Transparency Initiative (EITI) was established as a global initiative in 2002. The EITI has since become the highest profile international standard for promoting transparency and accountability in countries dependent on oil, gas, minerals, and metals. As it is built around cooperation among governments, companies, and civil society organizations, the EITI has been called a “curious coalition” by some. However, this coalition now helps drive transparency in revenues and payments in resource-rich countries across the world as part of their good governance programs.

This evaluation finds that with its global mandate and experience, comprehensive country development focus, and overarching mission to fight poverty, the World Bank Group is well positioned to help countries overcome the policy, institutional, and technical challenges that prevent them from transforming resource endowments into sustainable benefits. Furthermore, the World Bank Group's achievements are many. On the whole, its extractive industries projects have produced positive economic and financial results, though compliance with its environmental and social safeguards remains a challenge. Its research has broadened and deepened understanding of the causes for the disappointing performance of resource-rich countries. Its guidelines for the mitigation of adverse environmental and social impacts have been widely used and appreciated. More recently, it has begun to address the challenge of country governance with a variety of instruments.

This evaluation finds that with its global mandate and experience, comprehensive country development focus, and overarching mission to fight poverty, the World Bank Group is well positioned to help countries overcome the policy, institutional, and technical challenges that prevent them from transforming resource endowments into sustainable benefits. Furthermore, the World Bank Group's achievements are many. On the whole, its extractive industries projects have produced positive economic and financial results, though compliance with its environmental and social safeguards remains a challenge. Its research has broadened and deepened understanding of the causes for the disappointing performance of resource-rich countries. Its guidelines for the mitigation of adverse environmental and social impacts have been widely used and appreciated. More recently, it has begun to address the challenge of country governance with a variety of instruments.

Testing for human immunodeficiency virus resistance in drug-naive individuals and in patients in whom antiretroviral treatment (ART) is failing, and the appreciation of the role of testing, are crucial to the prevention and management of failure of ART. Abstract Background Contemporary antiretroviral therapies (ART) and management strategies have diminished both human immunodeficiency virus (HIV) treatment failure and the acquired resistance to drugs in resource-rich regions, but transmission of drug-resistant viruses has not similarly decreased. In low- and middle-income regions, ART roll-out has improved outcomes, but has resulted in increasing acquired and transmitted resistances. Our objective was to review resistance to ART drugs and methods to detect it, and to provide updated recommendations for testing and monitoring for drug resistance in HIV-infected individuals. Methods A volunteer panel of experts appointed by the International Antiviral (formerly AIDS) Society-USA reviewed relevant peer-reviewed data that were published or presented at scientific conferences. Recommendations were rated according to the strength of the recommendation and quality of the evidence, and reached by full panel consensus. Results Resistance testing remains a cornerstone of ART. It is recommended in newly-diagnosed individuals and in patients in whom ART has failed. Testing for transmitted integrase strand-transfer inhibitor resistance is currently not recommended, but this may change as more resistance emerges with widespread use. Sanger-based and next-generation sequencing approaches are each suited for genotypic testing. Testing for minority variants harboring drug resistance may only be considered if treatments depend on a first-generation nonnucleoside analogue reverse transcriptase inhibitor. Different HIV-1 subtypes do not need special considerations regarding resistance testing. Conclusions Testing for HIV drug resistance in drug-naive individuals and in patients in whom antiretroviral drugs are failing, and the appreciation of the role of testing, are crucial to the prevention and management of failure of ART.

The Dutch disease literature reveals several gaps between empirical evidence and theoretical predictions. To bridge such gaps, I develop a model that accounts for uneven spillovers of technological progress from the resource sector to other domestic sectors. I then employ a dynamic panel approach to align the theory with the data. I find that the real exchange rate appreciation resulting from a resource boom (i.e., the spending channel) is more pronounced in resource-poor countries than in resource-rich countries. Additionally, the resource movement channel exhibits differences between resource-rich and resource-poor countries. In resource-rich countries, a resource boom reduces the growth rate in the manufacturing sector more than in the service sector, leading to a decrease in relative sectoral output and a slowdown in economic growth. On the other hand, in resource-poor countries, a resource boom accelerates the growth of the manufacturing sector and decelerates the growth of the service sector, resulting in an increase in relative sectoral output and economic growth.

Are natural resources a \"curse\" or a \"blessing\"? The empirical evidence suggests that either outcome is possible. This paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources. These include that a resource bonanza induces appreciation of the real exchange rate, deindustrialization, and bad growth prospects, and that these adverse effects are more severe in volatile countries with bad institutions and lack of rule of law, corruption, presidential democracies, and underdeveloped financial systems. Another hypothesis is that a resource boom reinforces rent grabbing and civil conflict especially if institutions are bad, induces corruption especially in nondemocratic countries, and keeps in place bad policies. Finally, resource rich developing economies seem unable to successfully convert their depleting exhaustible resources into other productive assets. The survey also offers some welfare-based fiscal rules for harnessing resource windfalls in developed and developing economies.

In recent years, fluctuations in natural resource prices have significantly impacted the economies of countries that rely heavily on specific natural resources. Previous studies on resource-rich countries have primarily focused on natural resource industries, often overlooking the importance of developing non-natural resource industries, which in turn has constrained broader economic development. In response to this gap, the present study aims to explore how non-natural resource enterprises in resource-rich countries attain enterprise competitiveness. To achieve this, a qualitative case study approach is adopted, with oil-rich Brunei selected as the focal case. Based on the findings, this study proposes 5 strategic dimensions for Brunei's non-oil and gas sector – operation maintaining, financial diagnosing, organization flexibilizing, structure balancing, and development securing – which may serve as a valuable reference for other resource-rich countries seeking to pursue economic diversification.