Effect of Political Transformation on Economic Growth and Development of Nigeria

Abstract

The aim of this paper is to investigate the “Effect of Political Transformation on Economic Growth and Development of Nigeria”. Guided by Historical Theories of Political Transformation, the research sought to: (i) determine the extent to which there was a positive relationship between political instability and low investment in Nigeria, (ii) ascertain the extent to which there was a positive relationship between lack of good governance and low per capita income. Two hypotheses were formulated to guide the study.  Through proportionate stratified random sampling, 250 individuals were selected from the organizations of study. Responses from the questionnaire were complemented with personal interview of some selected management staff.  The data obtained were analyzed using frequency tables and the values expressed in percentages.  Pearson Product Moment Correlation was used for testing the hypotheses and t-test was used for testing the level of significance of correlation coefficient at 5% error and  3-degrees of freedom.  The findings of this study are: there is a positive relationship between political instability and low investment in Nigeria; and there is a positive relationship between lack of good governance and low per capita income.

Keywords: Economic growth, Economic development, Political Transformation and   Economic transformation.