Public Procurement Act 2007 and Economic Growth in Nigeria: South-South Perspective

Abstract

Economic development may be achievable through efficient and effective allocation of resources. In same vein, effective and cost effective resource allocation can only be powered by an equally ‘effective and transparent’ procurement process or system. Accordingly, the PUBLIC PROCUREMENT ACT 2007, was established to among other reasons, midwife an effective procurement system for the country that will ensure value for money for resource allocation. Annual capital expenditure provision in national budgets for the last five years had averaged about 24.7%. Records available from the Bureau of Public Procurement (midwife of the Act) indicated that the South-South geo-political zone did enjoy (probably not commensurate with her resource contributions) part of these national budgetary allocations. Analysis of same records, unfortunately showed that the intent to achieving value creation and development in the area could not have been achieved, for many reasons including, inadequate provisions and allocations, poor conception/implementation/execution, inadequate monitoring for the referenced restive region. Given the findings above, it is therefore suggested amongst others that there should be establishment of strong and compelling institutions, amidst the pervading corruption that has become Nigeria socio-cultural value. Also, there should be domestication of public procurement law by all the 36 states and the entire 774 local governments in Nigeria. All these will contribute towards an effective creation of ‘value for money’ in resource allocation for desired regional economic development.