Affiliation:
1. University of Abuja, Nigeria
Abstract
This chapter x-rayed Nigeria's political and economic history from independence to date. Nigeria has been managed under four different paradigms: free market 1960-1972; socialist inclined; mixed economy, posture, structural adjustment, 1986-1994; and quasi-capitalist approach. Based on 39 multivariate time series data, econometric analyses reveal that foreign direct investment, domestic savings (GFCF) capital expenditure, private consumption, and economic openness made a positive and significant impact on the Nigerian economy. On the other hand, import, exchange rate, foreign debt, monetary management indicators, and reinterest rates had negative and significant impacts on the Nigerian economy during the period. The study therefore recommends that Nigeria adopt export focused policy, institute FDI-friendly policies, and improve on her good governance image. In summary, the study concluded that the Nigerian economy could have done better.
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