POLICY OPTION AND SUSTAINABLE ECONOMIC DEVELOPMENT IN NIGERIA: A CRITICAL REVIEW OF THE EASE OF DOING BUSINESS INITIATIVE (2015 - 2023)

Abstract

In most developing economies across the globe, governments continually strive to provide
the enabling environments for the growth of commercial activities. In the Nigerian context,
and prior to the emergence of the Muhammadu Buhari led administration, a number of
attempts have been made in the times past, aimed at achieving sustainable economic
development in the country. The broad objective of this paper, therefore, is to determine the
impact of policy options on sustainable economic development in Nigeria. The study was
also guided by three specific goals and three research questions. Data for this study were
gathered from both primary and secondary sources. The period of Muhammadu Buhari
administration (2015 – 2023) formed the scope of this study. The study anchored on the
theory of ‘Developmental State’ as a framework for analysis. Findings of the study revealed
that as a result of this policy, Nigeria has improved an aggregate of 39 places in the World
Bank Doing Business Index since 2016. The country was also named twice as one of the top
10 most improved economies in the world. The study concludes that despite the efforts of
the immediate past administration in improving business activities within the country, there
seem to be the absence of ‘trickle-down’ effects of such robust economic policies in the
everyday life of the Nigerian citizens who are supposed to be the target and beneficiaries of
such policies. It recommends, above all, that there is need on the part of government to
consciously and consistently address the recurrent challenges relating to inflation and
exchange rates, as well as artificial scarcities and hikes in the prices of certain products
and services through the instrumentality of fiscal and monetary policies in order to enhance
the viability of Nigeria’s business environment.