MACROECONOMIC POLICIES AND ECONOMIC DEVELOPMENT IN NIGERIA: (1990-2008) THE MISSING GAP

The paper evaluates the impact of macroeconomic policies on economic development in Nigeria during the 1990 - 2008. Various literature concerning macroeconomic policies and economic development were reviewed. A multiple regression technique was used to carry out the analysis. It was found that public capital expenditure, fuel price and balance of trade as well as bank total lending have positive impact on economic development. On the other hand, net foreign direct investment and dummy variable have negative impact on economic development in Nigeria. Thus, it is recommended that ‘ there is a need to introduce greater depth and comprehensiveness in the on - going macroeconomic policy, and more efficient utilization of foreign direct investment to make macroeconomic policies impact significantly on economic development in Nigeria.