Political dispensation and macroeconomic performance in Nigeria (1970-2009)

SAIBU, Olufemi Muibi and FAKANBI, KEHINDE Ernest and AGBOOLA, Olawode Wasiu (2011): Political dispensation and macroeconomic performance in Nigeria (1970-2009).

Abstract

This study examines the extent to which Nigeria has benefited from its democratic experience since independence. Using simple descriptive statistics and data series from 1970 to 2009, the study showed that the trend in macroeconomic performance has not significantly improved. Indeed, the period of democratic regimes seemed more volatile than the other period of non-democratic regimes. The policy inferences from this analysis are that there is more to socioeconomic development than the form of government. Unless those development-enhancing factors are addressed, democracy may not lead to improved socioeconomic development in Nigeria.

• Item Type: MPRA Paper
• Language: English
• Keywords: Political Dispensation, Democratic Governance and Macroeconomic Performance
• Subjects: P - Economic Systems > P5 - Comparative Economic Systems > P51 - Comparative Analysis of Economic Systems; P - Economic Systems > P1 - Capitalist Systems > P16 - Political Economy; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E60 - General

References

Alesina, Alberto, and Dani Rodrick (1994), “Distributive Politics and Economic Growth” Quarterly Journal of Economics 109:469-490.

Anyanwu J. C., A. Oyefusi, H. Oaikhenan, F. A. Dimowo (1997). The Structure of the Nigerian Economy.

Anyanwu U.D; Local Administration 1990 – 1960, In J. Isawa Elaigwu and G. N. Uzoigwe, Foundations of Nigerian federalism Series Vol. 2, National Council of intergovernmental Relations 1996) p. 121

Baba, Stephen A. (1997), “Democracies and Inefficiency”, Economics and Politics 9:99-114.

Barro, Robert J., and David B. Gordon (1983) “Rules, Discretion, and Reputation in a model of Monetary Policy.” Journal of Monetary Economics 12:101-121.

Brunetti, Aymo (1997), “Political Volatility in Cross-Contry Gross Analysis”, Journal of Economic Surveys 11:163-190.

Central Bank of Nigeria: Annual Report and Statement of Accounts, various issues

Central Bank of Nigeria: Monetary, Credit, Foreign Exchange and Exchange Policy Guidelines,various issues

Central Bank of Nigeria: Changing Structure of the Nigerian Economy, Lagos 1999

Central Bank of Nigeria: CBN Briefs, various issues

Egwu S and Ibrahim J. (2005), “Defending the People’s Mandate”, Abuja, Global Rights.

Freedom House, Freedom in the World: The Annual Survey of Political Rights and Civil Liberties, 1996-97, Transaction Publishers, New Brunswick, New Jersey: 1997.

Human Rights Watch (2007), “Election or “Selection”? Human Rights Abuse and Threats to Free and Fair Elections in Nigeria, Number 1, 2007, April, http://www.hrw.org

Hyden, G.(1993): “Governance and the Study of Politics” in G. Hyden and M. Bratton eds. Governance and Politics in Africa. Boulder and London: Lynne and Rienner Publishers. Joseph, R.A. (1987). Democracy and Prebendal Politics in Nigeria: The Rise and Fall of the Second Republic. Cambridge: Cambridge University Press.

Keech, William R. (1995) “Economic Politics: The Costs of Democracy” New York: Cambridge University Press.

Kormendi, Roger C., and Phillip G. Meguire (1985), “Macroeconomic Determinants of Growth: Cross-Country Evidence.”, Journal of Monetary Economics, 162, 141-63.

Larry Diamond (2002), “Advancing Democratic Governance: A Global Perspective on the Status of Democracy and Directions for International Assistance

Labour Election Monitoring Team Nigeria (2003), Balloting for Democracy- A Report of the 2003 General Elections, 2003, Abuja, NLC-LEMT.

Mancur Olson, (1993), Dictatorship, Democracy, and Development”, The American Political Science Review, Vol.87, No.3, pp. 567-576.

Nordhaus, W (1975), “The Political Business Cycle”, Review of Economic Studies 42:169- 190

Olson, Mancur (1982), “The Rise and Decline of Nations: Economic Growth, Stagnation and Social Rigidities”, New Haven: Yale University Press

Osaghae, E. (1992). "Ethnicity and Democracy," in Fasoro, A; Deji Haastrup, and Femi Otubanjo, (eds.), Understanding Democracy, Ibadan: Centre for Democratic Information. Post Express, (1998), Lagos, August 2.

Przeworski Adam; Fernando Limongi (1993), “Political Regimes and Economic Growth”, The Journal of Economic Perspectives, Vol.7 No.3, pp. 51-69.

Sanusi, J. O. (2001): Economic Recovery: The CBN Hones its Tools Presented at the CBN / NCEMA Year 2001 Federal Budget Seminar

Sirowy, Larry, and Alex Inkeles (1990), “The Effects of Democracy on Economic Growth and inequality: A Review.” Studies in Comparative International Development 25:126-157.

Ukana B. Ikpe Useh, A. (1993). "Babangida (Nigeria) Unlimited," Tell, No. 41, October 18, Lagos: Tell Communications Ltd.

The World Bank 2003. World Development Indicators; and The World Development Report. (2005), Washington DC.