Nexus between Good Governance and Economic Transformation in Nigeria

Abstract

Nigerian economy remains underdeveloped despite decades of conceptualizing, formulating and implementing various types of economic policies and programme. Nigeria has a growing share of the world’s absolute poor in abundance of natural and human resources due to the nature of governance and economic policies being pursued. The paper examined the nexus between Good Governance and Economic Transformation: Focus on Nigeria 2015-2022. The research is time series research and adopted a mixed method of data collection. 600 questionnaires were distributed but, 587 were retrieved. The quantitative data collected was analyzed using mean in which the decision rule is 2.5 while qualitative data collected was analyzed using content analysis. The paper anchored on system theory and modernization theory as theoretical frameworks of analysis. The paper revealed that governance in Nigeria is bedevilled with corruption, insecurity, environmental degradation, unemployment, poor infrastructural facilities and over-taxation. The paper further revealed that Nigeria has the capacity to design pathways for economic transformation due to abundance of mineral and manpower resources at her disposal. The paper concludes and recommends that for economic transformation to be achieved, leadership in Nigeria must set outside parochial politics and embrace aggressive approach in diversifying the economy to promote development in the country.