ABSTRACT
This chapter paints a picture of Nigeria's overall economic development within a socio-political setting since there is a combination of several interrelated variables that affect the country's economic prospects. Good governance indicators, two major development indicators, namely, Gross Domestic Product (GDP) and Gross National Income (GNI) and the Business Environment and Competitiveness Across Nigerian States (BECANS) benchmark in Nigeria trace the incidence of poverty and unemployment in the country, which is the reason why extraneous economic models applied in Nigeria never work. Good governance indicators include voice and accountability, political stability, government effectiveness, regulatory quality, rule of law and control of corruption. The chapter examines the real socio-economic situation from a people inquiry and practical position. BECANS indicators include infrastructure and utilities, regulatory services, business development support, investment promotion and security. Nigeria's economic growth and development pattern have been shaped by several interrelated social, political and economic forces from the days of colonialism to the present-day neo-patrimonial democratic structure.
