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Nigeria s Election and Economic Growth: To What Extent Do the Leadership Recruitment Process Influence Prosperity?
Shreds of evidence from studies have revealed that elections and the electoral process determine leaders who pilot the country's affairs, but have remained unclear in the prosperity of nations. Hence, this study examined the impact of Nigeria’s election on economic growth in Nigeria and the role played by institutions since the return to the Fourth Republic, using annual data on institutional quality from the World Bank's Development Indicators from 1999 to 2022. The study adopted both a doctrinal exploratory approach and the correctional coefficient index and descriptive analysis to outline that political decisions have the greatest influence or impact on economic decisions and the economic trajectory of Nigeria. The correlational coefficient index. This indicated the strength of the relationship between economic growth and the election process, regulatory process of the public sector, corruption, rule of law, voice accountability, and life expectancy, which demonstrated a positive correlation. This explains how an increase in regulatory quality of Institutions (reguqual) also increases economic growth and performance by 0.5167, which is at 52 percent at a 5% level of significance, with a probability value that is less than 0.05. The result further demonstrates the levels of key governance performance indicators, showing that estimates of control of corruption have an average performance below standard at 2 percent. Government effectiveness, which is below standard, is depicted with a negative index of 0.9 percent, regulatory quality of institutions below standard, as shown by a negative index at 0.8 percent, voice and accountability below standard, given by a negative index of 0.2 percent, and rule of law still at below standard with a negative index at 0.2 percent. The need for stronger independence of Institutions is timely if economic growth is to be stabilized without political interference through legislation, which is imminent for Nigeria’s democratic survival.
Keywords: Electoral Process, Economic Policy, Voter Behaviors, & Economic Growth
