Abstract

This study explores the nexus between political variables, macroeconomic policies, and Nigeria's GDP growth rate from 1970 to 2023. Utilizing a quantitative research methodology, the investigation employs an OLS regression analysis to unravel the relationships shaping the economic landscape of Nigeria. The study identifies partisanship and population growth rate as statistically significant determinants of Nigeria's GDP growth rate. The political party in power, particularly the People's Democratic Party (PDP), positively influences the GDP growth rate compared to the All-Progressives Congress (APC). The years surrounding presidential elections demonstrate increased GDP growth, reflecting heightened economic activities attributed to investor behaviors and coalition group initiatives. Notably, the negative relationship between population growth and GDP growth rate emphasizes the challenges of managing rapid population growth without corresponding economic expansion. The observed positive impact of the PDP on the GDP growth rate accentuates the need for a harmonious political environment aligning with economic development objectives. This study contributes significantly to Nigeria's political economy literature, offering evidence-based insights crucial for strategic decision-making. As Nigeria navigates its political and economic terrain complexities, the study advocates for informed policies that address the identified determinants, fostering a resilient and prosperous future.