An examination of determinants of economic performance in Nigeria: A case study of the Nigerian Economic Summit Group (NESG) (2000–2020)
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Background of the Study :
Economic performance in emerging markets like Nigeria is influenced by a multitude of determinants ranging from fiscal policies to institutional quality. The Nigerian Economic Summit Group (NESG) has played a critical role in shaping the dialogue on economic reforms and performance improvement. Between 2000 and 2020, NESG’s research and policy recommendations have provided a framework for understanding key factors that drive economic growth, such as investment climates, governance quality, and market efficiencies (Ibrahim, 2023). Their initiatives have focused on identifying bottlenecks and proposing reforms aimed at enhancing productivity and competitiveness. However, despite these efforts, Nigeria’s overall economic performance has remained volatile, partly due to structural challenges and policy inconsistencies (Okafor, 2024). This study examines the determinants of economic performance in Nigeria through the lens of the NESG, analyzing how various factors interact to affect economic growth. By evaluating the effectiveness of NESG’s recommendations and assessing empirical data, the research aims to provide insights into the critical drivers of economic performance and to suggest strategies for sustained improvement (Chukwu, 2025).
Statement of the Problem
Despite comprehensive policy recommendations by the NESG, Nigeria’s economic performance has not consistently met expectations. Persistent issues such as poor infrastructure, regulatory bottlenecks, and governance challenges have undermined the positive impact of reform measures (Adeniyi, 2023). This disconnect between policy recommendations and economic outcomes highlights the need for a deeper investigation into the determinants of economic performance. The study seeks to identify the factors that most significantly affect economic growth and assess why certain recommendations have not yielded the desired improvements. Addressing these gaps is essential for developing more effective strategies to enhance Nigeria’s overall economic stability and growth (Uche, 2024).
Objectives of the Study:
1. To identify the key determinants influencing Nigeria’s economic performance.
2. To assess the impact of NESG recommendations on economic growth.
3. To propose strategies for improving economic performance based on empirical findings.
Research Questions:
1. What are the main determinants of economic performance in Nigeria?
2. How effective have NESG recommendations been in promoting growth?
3. What policy measures can further enhance economic performance?
Research Hypotheses:
1. H1: Institutional quality significantly influences economic performance.
2. H2: NESG recommendations positively impact growth when effectively implemented.
3. H3: Structural reforms are essential for sustained economic improvement.
Significance of the Study (100 words):
This study offers critical insights into the determinants of Nigeria’s economic performance by evaluating NESG’s role in shaping policy reforms. Its findings will benefit policymakers, economic analysts, and business leaders by highlighting the factors that most significantly influence growth. The recommendations provided aim to guide future policy decisions, improve governance, and foster a more stable and competitive economic environment (Okonkwo, 2023).
Scope and Limitations of the Study:
The study is limited to assessing the determinants of economic performance in Nigeria using data and policy recommendations from the NESG, focusing solely on macroeconomic indicators.
Definitions of Terms:
1. Economic Performance: The overall efficiency and output of an economy.
2. NESG: Nigerian Economic Summit Group, a policy advocacy organization.
3. Determinants: Key factors that influence economic outcomes.
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