The Role of Political Institutions in Economic Growth and Development of Nigeria

Abstract

Theoretical and empirical evidences support the notion that political institutions enhance economic performance in incipient democracies. It is the aim of this paper to ascertain the impact of political institutions on the performance of the Nigerian economy from 1999 to 2018. Consequently, it examines the concepts of political institutions, economic growth and development as well as reviews the trend in real GDP growth rates, youth unemployment and human development index in Nigeria. It was observed that during the 19 years of democratically elected government, there was consistent GDP growth from 1999 to 2002; fluctuating and declining growth from 2003 to 2018. The desired economic growth for the most populous country in Africa was somewhat a mirage and development snail speed. It supports the findings of Anwana and Affia (2018) that political institutions negatively impact growth and development in Nigeria. It suggests a revamp of the current political institutions (the rule of the game) by well meaning Nigerians, the need for reorientation of the masses about the innate power to vote out bad leaders and creation of a system that allows for proper representation of the masses at the state and national houses of assemblies. Improving economic growth and development in Nigeria requires a paradigm shift in her political institutions.

Keywords: Economy, political institutions, growth, development, Nigeria

DOI: 10.7176/JESD/11-4-17

Publication date: February 29^th 2020