Public Private Partnership Versus Socio-Economic Development: Panacea to Achieving Economic Growth in Nigeria

Abstract

Socio-economic development is one of the key ingredients to achieving economic growth in the world. Country where this ingredient is lacking or inadequate experiences decline in the development which affects all facets of such country. Nigeria being the most populous black nation in the world has set a vision geared towards achieving a monumental growth that will launch her to be amongst twentieth (20th) economies in the world by the year 2020. However, to achieve this success public private partnership also known as private financial initiatives (PPP/PFI) model has been adopted in Nigeria, despite this arrangement, the goal is still doubtful as most of the key ingredients of socio-economic development that are capable of making Nigeria to be amongst the 20 economies of the world are inadequate or not measuring up to standard. It’s against this backdrop that this study seeks to examine the role played by the PPP/PFI with respect to achieving growth in Nigeria. However, the study adopts documentary approach to analyze its result, materials were collected from the secondary sources which inter alia include Journal publications, internet, Magazine etc. The study found out that infrastructure, education, industry etc. have not been adequate to put Nigeria in the path of growth due to weak institutions, lack of political will and corruption. The study therefore recommends that government should be realistic in the formulation and execution of its policies by establishing a strong and formidable institution that is capable of assisting the government to consolidate its political will free from internal and external influences and more power should be given to the agencies established to fight corruption.