A Critical Review of Drivers of Economic Growth in Nigeria

This paper reviews three categories of literature on the drivers of economic growth in Nigeria. First, it examines the factor input drivers of growth such as capital accumulation, labour and human capital, and technology. Second, it examines the macroeconomic policy drivers of growth - e.g. inflation, interest rates, exchange rates, government expenditure and trade openness. Finally, it examines the institutional drivers of growth, including infrastructural development, political stability, and institutional quality. The conceptualisation of individual economic drivers into three broad categories extends the economic growth debate in developing context. The three broad categories will help policy makers to understand the link between the categories in order to properly align policies. The framework presented will enable further research into economic growth factors at both individual and group levels.