This paper examines the relationship between institutional quality, macroeconomic policy, and economic development in Nigeria. We employ data from four development indicators: the prevalence of undernourishment, life expectancy at birth, the Human Development Index (HDI) and Gross Domestic Product (GDP) per-capita from 1995 to 2013 to examine the validity of the proposed framework. Our result indicates an insignificant impact of domestic institution on Nigeria development indices. Interest rate was also found to have an insignificant impact on economic development in Nigeria, even when growth related indices were considered. On the other hand, government expenditure was found to exert a significant, though small, impact on the country's development indices. Based on these, a holistic approach of attitudinal change, systematic strengthening and development of institutions is recommended for the attainment of the country`s developmental objectives.

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This study examined the impact of financial development and financial openness on economic growth in Nigeria between 1981 and 2019. This was done through the use of the Auto-Regressive Distributed Lag (ARDL) model. In doing this, the ratio of credit to the private sector to the GDP and broad money to narrow money were used as measures of financial development and financial openness respectively. The study found that financial development has a positive and insignificant impact on economic growth in Nigeria in the long and short-run. The study also found that financial openness has a negative and insignificant impact on economic growth in Nigeria in the long-run. The results of the study further revealed that simultaneous existence of financial development and financial openness has an insignificant but positive impact on economic growth in Nigeria in the long-run. Based on the findings, the study recommended that the CBN should increase its efforts towards the regulation and supervision of the financial sector to reduce the incidence of financial distress. The study also recommended that efforts to develop the mortgage and insurance sector and the capital market should be intensified through regulatory improvements, improvements in the instruments in use in the market as well as public enlightenment programs to increase awareness of the potentials of the mortgage, insurance and capital markets. The final recommendation made by the study is that more restrictions should be placed on the inflow of capital in and out of the country to guard against sudden capital flow reversals.

The persistent public outcry in recent times over the perceived unnecessarily large expenditure on the Nigerian national assembly, and the question of the extent of their contribution to the overall growth of the nation is worrisome. This study is set out to investigate, the relationship between expenditure on the National Assembly and the level of economic growth in Nigeria. The methodology for achieving the objective of this research is the ordinary least square (OLS) estimation technique. The data set to support this objective is the time series data from 1999 to 2012. Our findings revealed that expenditure on the national assembly had a significant impact on level of economic growth (proxied by GDP), while a significant relationship exist between the contribution of National Assembly (proxied by number of bills passed) on economic growth. This calls for passage of more meaningful bills to drive the Nigerian economy higher.

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