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 andthis trendsand 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.