Assessing the Political Economy of Policy Instability and its Effect on Nigerian Economic Growth, 1970-2015

Authors

  • Gerald Chimezie Nwadike Department of Economics, Imo State University, Owerri
  • Kelechi Johnmary Ani Department of History & Strategic Studies, Alex Ekwueme Federal University Ndufu-Alike, Ikwo, Nigeria Department of Politics & International Relations, North West University
  • Victor Ojakorotu Department of Politics and International Relations and Deputy Director, School of Government Studies, North West University

Keywords:

Politics, Policy Instability, Economic Growth, Development and Nigeria.

Abstract

This study examines the political economy of policy instability and its effect on the Nigerian economic growth from 1970 to 2015. The study tries to measure the effect of political policy instability on the Nigerian economic growth, focusing on the assessment of the relationship between political instability and unsustainable national economic growth in Nigeria. The researchers adopts the two stage least square of the static model and ADF and PP unit root test structural co-integration test as well as Pariwise Granger Causality. The research findings revealed that there is significant effect of policy instability on the Nigerian economic growth during the chosen period of observation and that there is no causality relationship between political instability and unsustainable national economic growth in Nigeria during the chosen period of study. In the light of the research findings, the researchers recommend transformational leadership and constitutional reform in Nigeria, which will go a long way to calm down the effect policy instability on Nigerian economic growth and development. Again the study calls for the promotion of citizenship over indignity in order to achieve cooperation and participation of all the masses and communities in the development process.

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Published

2019-02-01

Issue

Section

Special Issue - Economic Opportunity and Global Safety