Achieving economic transformation in Nigeria: leveraging tailored policies, institutional reforms, and infrastructure development

Abstract

This study analyses how Nigeria can achieve economic transformation in Nigeria. The study is structured into three areas of focus: (i) conceptualisation of economic transformation in developing countries, (ii) critique of Nigeria's effort towards economic transformation and the challenges faced, and (iii) review of comparable countries to identify successful policies that can serve as guardrails for Nigeria. The study adopts the PESTEL framework to review past economic transformation efforts and finds that policies are not being tailored to the Nigerian context, lack a relevant institutional framework, and lack political willpower to execute policies successfully. The study then offers solutions to these issues by analysing comparable countries that have had successful transformations to identify the key drivers and enablers of the transformation effort. It concludes by providing a 3-step policy recommendation built on the Growth Identification and Facilitation Framework (GIFF) to address the failings of previous policy actions by focusing on Nigeria's comparative advantage.