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NIGERIA’S ECONOMIC GROWTH: PAST, PRESENT AND DETERMINANTS

Abstract

This study empirically analyses the pattern of economic growth in Nigeria since its independence and investigates the determinants of its economic growth for the sample period 1960-2015. The findings of the study based on the estimation of Autoregressive Distributed Lag (ARDL) model indicate that the long-run economic growth is significantly influenced by the level of investment, while political stability and political freedom have a negative insignificant impact on the growth rate of the Nigerian economy. However, the oneyear lag of the economic growth substantially determines the level of economic growth in the short-run.

 Keywords:  Economic growth, ARDL model, political stability, political freedom