Is There Any Link between Democracy and Economic Development in Nigeria?

Abstract

With estimated population of over 150 million and been the world sixth largest producer of oil with greater economic potentials in all sectors, the larger population of the Nigeria is still poor as a result of bad governance and corruption among other economic challenges. The current democratic dispensation that started in 1999 suggested there would be instant outright economic development. But, Nigeria is still lagging behind among the committee of democratic nations, in terms of development. Therefore, the nature of relationship between democracy and economic development in Nigeria like any other developing countries became an important issue in this debate. Hence, this study investigated the causal relationship between democracy and economic development from 1999 till date, using some key economic indicators including Revenue Generation, Unemployment Rate, Poverty Rate, Effective Healthcare, Gross Domestic Products (GDP) and Foreign Exchange Rate. The study argued that, though Nigeria has experienced sixteen years of uninterrupted democratic rule, available evidence revealed that, there is no clear direct link between democracy and economic development in Nigerian, as a result of this, the last sixteen years of democratic dispensation in the country might not have significantly improve development. Therefore, though the study recommends strict compliance to the principles of democracy, good governance can make meaningful addition in the long run. But, to promote good governance, sound anti-corruption policies must be put in place, while the legislative, judiciary and executive arms of government must be functional and alive to their responsibilities.