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The dynamics of institutional failure and its implications on employment capacity of the Nigerian economy

Various panaceas and recipes have been mooted as prerequisites in altering the negative biases of the Nigerian economy away from endemic labour unemployment. Policy prescriptions are mostly banal and do not represent any marked departure from conventional thinking. This paper however contends that weak institutions dotting the Nigerian socio-economic and political space are majorly responsible for low employment levels. Herein lies its significance. The paper analyses the variants of institutional failure and its implications on employment generation capacity of the Nigerian economy. A descriptive approach based on current data and literature is pursued. Institutions analysed include education, electricity/power, financial, and good governance. It recommends that significant efforts should be made to lay a solid foundation for stronger and efficient service delivery institutions in the future. Above all, good economic governance is a necessity for the realization of high employment generation capacity of the economy. Adequate institutional frameworks that provide stable, transparent investment regulations and conducive local conditions are required.