Nigeria Vision 20:2020 Can Dream Become Reality? Evidence from National Accounts

Abstract

The Nigerian Government has used national perspective plans as an economic tool since independence. Unfortunately these plans are often irrelevant to the actual economic problems of the country. The latest economic plan is the ‘Vision 20:2020’ whose main goal is to bring Nigeria into top 20 biggest economies by the 2020. The Nigerian public as well as some Nigerian economists doubt whether government plan will succeed.The purpose of this study is to find the true economic-growth determinants of na- tional economy structure. We use so-called SSVS procedure to find to find candidate- variable of the true growth model. Next we estimate simple OLS model to find coef- ficient’s signs of the variables obtained from SSVS procedure. We found that Vision 20:2020 plots a good direction for Nigerian economy, but Nigerian authorities should be alert on reforming public administration and government provided service.