Over the years many nations have survived via their domestically generated incomes while others have increasingly relied on external sources of finance which adversely results in increased foreign debt. As rightly stated by Hameed et al(2008) , too much of external debt could dampen economic growth by hampering investment and productivity growth which is the resultant effect of the fall in exchange rate. Although foreign debt as a topic is not the focus of this work its necessary to understand its effect as earlier stated. The term "Monotonous Economy" as used in this article defines an economy whose income source is strictly limited to a single major source. In other words it's an economy were diversification is absent. Nigeria for instance has over the years relied on crude oil for the financing and running of the entire government ever since the late 1970s.According to Anyanwu (1986), the major problems of the economy such as external debt obligation, unemployment, i...
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