CAUSES EFFECTS AND REMEDIES OF ECONOMIC DEGENERATION IN NIGERIA

ABSTRACT

This study was designed to appraise the causes, effects and remedies of economic degeneration in a developing economy; analyzing Nigerian situation.  Today, our economy is going down the drain, but the truthful and actual situation, is that for over a decade now, Nigerian economy has been under severe stress. To address this above problem, this work aims at taking a good look at the factors that contribute to this degeneration of our economy, with a view on how to elicit actions towards eradicating them. Data collected for this work was through the use of questionnaires, survey and historical research method.  Further extensive literature survey was also carried out to expose all the possible areas of hypothesis.  A total population figure of 106 million (based on 1991 census figure) was used.  Out of this, a randomly selected sample size of 311 respondents was computed through the use of Yarmane’s and Kumar’s model. Data analysis was done using tables and percentages, while acceptance and rejection of hypothesis used in this study was based on tests conducted using statistical test of z-test. The details of results, indicated that political instability impinges adversely on the economy through divestment, lack of new foreign investment and that corruption is a major impediment to our development goals. Recommendations offered in line with the findings of this study are thus: that corruption in all its ramifications and manifestations, should be discouraged in the strongest term: Legacy of lasting and enduring democracy should be bequested. Conclusively, the unhealthy state of Nigerian economy today is as a result of bad governance occasioned by poor quality of leadership or absence of it.