Institutional Restructuring and Reforms for National Development

Abstract

This paper argues that weak national institutions cannot be relied upon to produce successful restructuring and reform packages that can lead to accelerated national development and higher living standards for the Nigerian people. The paper further identifies weak national institutions, the pursuit of pecuniary individual and group interests, ethnic cleavages and intra-ethnic rivalries among the elite class, including the extractive nature of politics and economic pursuits, as major factors militating against successful restructuring and meaningful institutional reforms in Nigeria, which are hinged on accelerated technological innovation, political development and wealth creation. The paper concludes that only strong and functional institutions, inclusive political and economic policies, and innovative leadership can bring about accelerated national development in Nigeria.