Economics as a catalyst for national development in Nigeria: The 21st century experience

Economics as a discipline has been envisaged as an engine of development. This is because it imbibes on the learners the spirit of patriotism which engenders national development. It also imbibes in a man an apparatus of change in mind and a technique of thinking which reposition him to a clearer understanding of Economic problems and proffers solution to such problem in line with Economic situation in the society. This study therefore takes a critical review of the benefits such as, economic empowerment, private sector production, and diversification of production base, economic virtues, self-reliance, and self-dependence associated with economics as a discipline. The prevailing atmosphere conducive for enhance economic development such as good political environment, creative of dynamic entrepreneur, economic and social infrastructure, was highlighted. The study is anchored on development theory and functionalist theory as the theoretical framework. An x-ray of some of the hindrances of development such as poverty, fraud, infrastructural decay, high business taxes, and frequent power failure were discussed. Finally, recommendations that are capable of reducing poverty to tackle the issue of fraudulent activities such as forgery, 419, embezzlement, money laundering was proffered. It was also recommended that the issue of frequent power failure in the country should be re-positioned while the infrastructural development such as road construction and rehabilitation be treated as a matter of urgency. Business taxes are also to be streamlined to follow the proceedings of other taxes in the country. This will encourage the entrepreneurs to invest and expand already existing investment that can boost productivity and enhance national development.