CHARACTERIZATION OF DETERMINANTS OF ECONOMIC GROWTH IN NIGERIA

Abstract

Central to public discourse and aspirations across economies is the economic progress of such societies often referred to as economic growth. However, the determinants of growth across economies (developed or developing), remain vague or unsustainable. Several growth theories sufficiently emphasize different determinants or factors and this trends and have shaped economic policies and literature in different countries but there are (is) yet no consensus on the key determinants of growth especially in Nigeria. This study is attempts to add to the narrative with focus on Nigeria by explanatory method thereby characterizing retinue of factors as elicited in literature are related to Nigeria. The study try to offer a subjective and stylized characterization of the determinants to  Social and Political, Economic and Financial , and  New Emerging Factors. It was found that found that agriculture and oil and gas which fall within the Natural resources factors class, appear to be the main determinants of growth in the Nigerian economy.  It is recommended that formulating new and improved theories and models around these determinants and other emerging factors of information technology in order to promote economic growth.