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Governance and Economic Growth in Nigeria: The Role of China and the U.S. between 2001–2011 examines why Nigeria experienced steady economic growth in GDP between 2001–2011. Saidat Ilo argues that improved governance as well as the perceived competition between China and the United States has impacted this growth. She analyzes this perceived rivalry and their policies closely. This book not only contributes to development theories by focusing and analyzing governance but it also goes a step further by filling a gap of contending theories which fail to consider the role governance plays in economic growth and progress particularly in the developing world. Through in-depth research, Saidat Ilo discovers how China and the United States’ foreign policies influence decisions on foreign aid and trade in Nigeria. She shows that there is a direct correlation between good governance and economic growth in Nigeria and provides policy recommendations based on this research.
Leadership and Governance is a collection of essays on political economy, leadership and governance, and corruption and community development, as well as on information technology and education. This book, thus, presents a broad overview of the major problems facing the Nigerian economy. Towards that, the contributors highlight the relationship between good leadership and governance and the economic health of Nigeria as they explore the forces for a meaningful change in the polity. This book asserts that political leaders in Nigeria should be held to a higher standard of leadership and governance in order for the economy to grow and develop for 'common good'. Nigeria's educational system is the foundation for its national development. But this is impossible without investing in human capital (education and health), fixing the existing dilapidated infrastructure and institutions and acquiring technological capability that drive the economy. The power of productivity of the Nigerian economy cannot rise above the quality of its leadership, governance and graduates. Today Nigeria's young democracy is in a state of uncertainty because of ineffective leadership and governance as well as lack of accountability. Since all the essential factors are missing in Nigeria's scheme of affairs, its economy as well as the democracy transition will continue to choke and stagnate. There are myriad ways to reform the Nigerian educational system, improve its quality of graduates and the state of the economy. But closing the nation's higher institutions for five months on the pretext that there is no money to meet teachers demands is not a way to improve the state of education and its weak economy. The trouble with Nigeria's democracy is that the people do not get the type of government they want. For instance, praying to God only, as President Goodluck Jonathan often does, to rescue the nation from its challenges is not by any means a strategy to solve Nigeria's socioeconomic and political problems. His administration needs to adopt a long-term strategy for creating a learning culture to improve the state of education and the security situation so as to tackle its development challenges. This includes motivating the teachers, treating them as professional they really are, and providing them with the tools to effectively educate the youths. Like the Nigerian economy without functional infrastructure and institutions, the leaders cannot strip the teachers of the tools they need to perform their duties and expect them to perform miracles. New challenges require new paradigms. The political leaders should adopt new, effective and innovative methods to meet the needs of the economy, the rapidly growing population and the ethno-religious and politically dynamic society. This book posits that without a paradigm shift in values, beliefs and thinking on ways to reform the Nigerian educational system, as well as to invest in the commanding heights of the economy, its educational system and the economy would remain prostrate with its attendant catalogue of human misery.
Master's Thesis from the year 2016 in the subject Economics - Other, grade: 3.67, , course: Development Economics, language: English, abstract: The study examined the impact of government fiscal and monetary policies on economic growth within the period of 33 years (1981-2014). Time series data were derived from the Central Bank of Nigeria statistical bulletin, while the method of analysis was the Johansen Cointegration test, vector error correction method and the Wald test of coefficient. The result of the findings showed that there is a significant relationship between explanatory variables (government expenditure, interest rate and money supply) taken jointly and the dependent variable (real gross domestic product) in the long run. The coefficient of error correction term is -0.02 showing a 2% yearly adjustment towards the long run equilibrium. This proves that there is a relationship between the dependent variable- real gross domestic product and the independent variables - government expenditure, money supply and interest rate in the long run. The estimated coefficients of the short run model indicate no significant relationship between the dependent variable real gross domestic product and independent variables government expenditure, money supply and interest rates taken together but individually a short run relationship exist between the fiscal variable (government expenditure) and real GDP and between the monetary variable (money supply and interest rate) and real GDP. The policy implication of these findings is that more strategies needs to be put in place in order to ensure that monetary and fiscal policies taken jointly positively impacts on economic growth the in the shortrun.
Nigeria has experienced significant economic progress since publication in 1999 of the first edition of Perspectives on Nigerian Economic Development. Two main drivers of this progress have been the beneficial return to democratic rule and the implementation of key economic reforms, particularly in pursuing external debt relief, implementing excess crude account to stabilize revenue volatility, introducing contributory pension schemes and taking steps to privatize key sectors such as telecommunications. This volume is focused on issues relating to good political and corporate governance and national development; budget and fiscal policy; the Nigerian financial and capital markets and banking. Part one deals with the issues of globalisation and how Nigeria can play in the emergent environment. Part two (Managing the Nigerian Economy), Part three (Strengthening the Nigerian Banking Sector and Part Four (Entrepreneurship and Corporate Governance) proffers ways and means of handling these intertwined aspects of national challenges. The final part - Key Sector Issues deals with three vital areas - Education, Transportation, and Oil and Gas.
Governance has been incorporated into the development models of many countries because of its role in ameliorating inequalities in society. This book explores whether good governance boosts or hinders economic growth with perspectives from countries like India, the USA, Nigeria, Turkey, Pakistan, Bangladesh, Nepal, and others, and on groups of developing nations like BRICS and ASEAN. Governance has twin roles within economic systems. The first is where it guides administrators and the second is the normative role where it may act as a stimulus to economic growth and development. With the help of empirical investigations, this book analyses the interrelationships between good governance and inclusive and sustainable economic growth, productive employment, political stability, and decent work for all. It assesses the impact of various governance indicators and policy strategies on the economy and the GDP of countries in the Global North and South. The book also focuses on roadblocks to good governance such as violent conflicts, corruption, international threats and crises and its implication on economic growth. This volume will be of interest to students and researchers of economics, political science, social science, international relations, public administration, and sociology.
This book examines the politics and economics of infrastructure development in Nigeria from Independence in 1960 up to 2015, and the role of good governance in promoting the socioeconomic wellbeing of citizens. Arguing for the need for transformational leadership in infrastructure development, the chapters examine policy issues and survey the various administrative, economic, and social-political reforms that have impacted infrastructure development in Nigeria. The author also discusses current national development plans and Vision 20:2020; challenges to infrastructure development, including corruption; and the future potential of a strong infrastructure network for the economy and citizens. Drawing upon his experience within government departments, as well as existing models of leadership and governance, the author explores the role of infrastructure development in promoting the wellbeing and growth of Nigeria. Combining theory with practical examples of good governance, this book will be of interest for students and researchers of political science and infrastructure development in Africa.
The World Bank observed that the ability of any country to consistently improve its performance in terms of economic growth and development would need to be dependent on good governance. The Bank identifies six main indicators to measure good governance. They are voice and accountability, political stability, government effectiveness, regulatory quality, rule of law, and control of corruption. In the same vein, a developmental state that integrates these good governance indicators is expected to achieve success. This study looks at the socio-political factors that have led to Nigeria's growth tragedy from independence from the British in 1960. Ethnolinguistic diversity is observed to have led the country into a neopatrimonial state where all the good governance indicators are grossly disrespected and finds that ethnic groups only fight to control resources and power rather than national interest. This research adopts an empirical approach by comparing the economic performance of Nigeria with that of India using the World Bank development indicators and further identifies the relationship between governance indicators and development indicators. The observation or experience shows that even though India and Nigeria are both low income counties, the former's good performance in the governance indicators reflected a consistent and increasing improvement in her overall development indicators such as current Gross Domestic Product (GDP), GDP annual growth, Gross National Income (GNI) per capita, current GNI, Gross capital formation (% of GDP) among others. On the other hand, Nigeria's very poor and erratic governance performance over the years also reflected negatively on her development indicators except the good management of the country's short-term debt outstanding.
Provides an account of the dynamic interplay between the political and economic forces that have shaped government priorities and strategies in Africa's most populous country.