Institutions and Economic Performance: A Critical Evaluation of the Nigeria Economy

Napoleon David Okosu
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Napoleon David Okosu: Department of Economics, Veritas University, Abuja, Nigeria

International Journal of Research and Innovation in Social Science, 2021, vol. 05, issue 10, 746-755

Abstract: The objective of this study is to critically evaluate the impact of institutions on the economic performance of Nigeria. To achieve this, annual time series data were employed from 1999 to 2020. Six institutional quality indicators of Political Stability Index, corruption perception index, Voice and Accountability, Rule of Law, Regulatory Quality, and Ease of Doing Business indicator, were employed as the independent variables while the dependent variable, economic performance was proxied by Gross Domestic Product (GDP) Per Capita. The result indicates that all the indicators of institutional quality have positive impact on economic performance in Nigeria in the period under review. Political Stability Index, Corruption Perception Index, Regulatory Quality and Ease of doing business have significant impact on economic performance while Voice and Accountability as well as Rule of Law had insignificant positive effect. The study concludes that there is the need for strong institutions in Nigeria as it engenders higher economic performance, thus noting that institution is the oil that lubricates the engine of economic growth and development in an economy.

Date: 2021
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