Institutional Factors and Its Effect on Economic Growth of Nigeria
Orji Uka Odim1; Anumudu Charles Nnamdi2 and Ugwuanyi Charles Uche2
1Postgraduate Student, Department of Economics, Michael Okpara University of Agriculture Umudike (MOUAU).
2Department of Economics, Michael Okpara University of Agriculture Umudike (MOUAU).
ABSTRACT
This study looked into how institutional factors have influenced economic growth in Nigeria. Annual time series data from 1996 to 2023 were utilized for the study. To guide the study, pertinent questions were asked such as how has institutional factors affected economic growth in Nigeria? This investigation employed the Ordinary Least Square model in the estimations in other to achieve its stated objectives. The results revealed that institutional factors are dysfunctional and weak in promoting economic growth in Nigeria. In line with the findings, the study therefore recommends that Rule of law should be strengthened in the country. The result shows that rule of law is significant in deteriorating economic growth in Nigeria. The political elites and the rich should not bend the arm of law. This will help the workability of institutional framework in restoring the country to the path of sustainable growth.
Keywords: Institutional factors; Economic growth; Rule of law; Institutional quality; Governance; Ordinary Least Squares (OLS); Nigeria.
CITE AS: Orji Uka Odim; Anumudu Charles Nnamdi and Ugwuanyi Charles Uche (2026). Institutional Factors and Its Effect on Economic Growth of Nigeria. NEWPORT INTERNATIONAL JOURNAL OF CURRENT RESEARCH IN HUMANITIES AND SOCIAL SCIENCES, 6(2):21-27. https://doi.org/10.59298/NIJCRHSS/2026/62.2127