IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 9 NO. 4 2024
DOI: 10.56201/wjeds.v9.no4.2024.pg167.183

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Strategic Role of Policy Formulation and Implementation on National Economic Development of Nigeria: An Entrepreneurial Policy Approach

CHUKWUKA, Ernest Jebolise (Ph.D) and IMIDE Israel Onokero (Ph.D)

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Abstract

This research paper investigated the role of policy formulation and implementation on the national economic development of Nigeria. The aim is to ascertain if there is a link and also to determine the nature of the connection between policy formulation, implementation, and Nigeria’s economic development. This study adopted a qualitative research methodology through the extant and systematic, exploratory review of literature to carry out this study, which is modified to understand the motivations, viewpoints, theories, and views of scholars in order to address the study issue. This study relied on secondary sources of data. The study found that policy formulation is essential to both social and economic progress. Good policies may advance social fairness and equality, safeguard public health and safety, and stimulate economic progress. A number of steps are involved in the policy-making process, such as agenda-setting, policy drafting, adoption, and implementation. Accurate and trustworthy data, interaction with stakeholders and decisionmakers, and a dedication to evidence-based decision-making are necessary for the effective design of policies. The study concludes, after an exhaustive review of extant literature, that there’s a direct link between public policy formulation and implementation and Nigeria’s economic development. The study also found that there is a positive connection between good policy implementation and Nigeria’s economic development. The study recommends a low-cost technique of training policy implementers and stakeholders as a guarantee to effective policy implementation in Nigeria.

keywords:

Policy, Policy formulation, Policy Implementation, Economic Development, Entrepreneurship

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