ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA

Abstract

Government is indispensable in the affairs of citizens. It has become that hub around which revolves almost every meaningful activity in the form of governance. Governance brings a balance between the citizens and the government because it enhances trust and confidence. Good governance promotes good laws, security of investments, civilized and workable citizen-oriented economic policies, protection of investments from foreign competitors, encourages investments, formulating investment friendly monetary and fiscal policies, and provision of infrastructure such as roads, rails and energy. This study is set forth to enunciate how good governance can trigger socio-economic growth and development in Nigeria by reference to cueing into civilized best practices in terms of encouraging and protecting local industries through tax holidays, fighting smuggling and promoting local use of products and produce. Adopting the principles and tenets of good governance promotes local investment, kindles entrepreneurial spirit, and business risktaking in an enabling environment. This study draws mainly from archival materials in literature. The prevailing unpredictable Nigerian business environment was discovered as a major task facing good governance .It was therefore suggested that government should, through good policies, protect and promote competitiveness, create, maintain, and secure the enabling environment for businesses and investment. And also to arrest economic decline which Nigeria has suffered over the years, in order for socio-economic goals to be achieved for the wellbeing of the citizens. The government of Nigeria is therefore, called upon to embrace good governance if it must get out of the present economic predicaments.