Institutions and Economic Transformation in Africa: Sectoral Analysis From Nigeria
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Description
Economic transformation suggests sustainable and inclusive economic development. It includes the changes in the
structures of the economy in favour of more productive sectors to ensure consistent economic progress. This has
been the earnest desire of most African countries. However, achieving economic transformation will require strong
institutions, among others. The channels through which institutions can influence the process of economic
development using specific country analyses are still under-researched. Thus, this study examines the importance of
institutions in the development and sustenance of some important sectors: finance, education, technology, industry,
and trade, believed to drive economic transformation. Drawing evidence from Nigeria, the study submits that
institutions have varying influence on all the selected sectors. Thus, the role of specific sectoral planning based on a
strong institutional framework cannot be over emphasized in a country's quest for economic transformation.
Keywords
H Social Sciences (General), HB Economic Theory, HC Economic History and Conditions