Rethinking Economic Growth and Development: A Pathway for Nigerian Economy

Abstract

Economic growth and development is about improving people’s lives through economic, social, political and technological changes. But unfortunately this objective is hardly met in Nigeria because the economy is constrained with so many problems such as high level of unemployment, poverty and inequality, infrastructural decay, corruptions, institutional failure among others. The paper adopted a theoretical approach in examining the issues raised there in. It is argued that the problems mentioned above constitute impediments and if they are not properly addressed then economic growth and development shall continue to remain a mirage. To overcome these constraints, therefore, the paper advocated for a paradigm shift from the orthodox theories to new approaches such as creation of knowledge economy, South – South Cooperation (SSC), building effective institutions, elimination of corruptions in public places. It is recommended that, in addition to adoption of the paradigm shifts, the Nigeria existing institutions should be more strengthened to curtail the dehydrated problem of corruption that permeates the social fabrics of the Nigeria society.

Keywords: Paradigm Shift, Institutions, South – South Cooperation, Open Development.