TOWARDS A SUSTAINABLE ECONOMY: ECONOMIC INSTITUTIONS AS A CRITICAL FACTOR FOR ECONOMIC GROWTH A CASE OF NIGERIA
Abstract
The paper discusses the importance of economic institutions as critical factor that determine whether a resource rich economy would be successful or not. It elucidates the reasons for differences in economic growth among countries in spite of homogeneous culture, population, and resources. The distinct contribution of a good economic institutions to create market economy which allocate, distribute available resources in efficient way for higher revenue and rent for the benefit of the majority cannot be overemphasized. Factors such as geography, culture and historical antecedent (colonial affiliation) play important role in the life of a nation but not as viable economic institutions. The paper concludes by relating the Nigeria economic problem amidst abundance resources to ineffective institutions. It is incumbent on the political power holders/elite to embark on institutional reforms to take the country out of the wood.
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